Government to attract $62 billion investment from Indian and foreign companies

The government, along with Invest India, its investment promotion agency is talking to almost 300 companies, incuding Indian and foreign both, so that they can be convinced to invest $62 billion (over Rs 4 lakh crore) in India, while also creating over 17 lakh jobs.

Chinese companies are already planning to invest around $32 billion in India, therefore nearly half the flows that the indian government is looking at are from China. This is also expected to slow down the massive flow of imports from the neighbouring country.

One of the companies, the one that is on top of India’s list is Sany, with a possible investment of nearly $10 billion in the wind power space. Other than that, there are real estate and construction companies like Dalian Wanda Group, SAIC, Lifan Motors and Fosun Pharma.

DIPP, in the recent past, has contacted over 150 companies for investments, some of which have little or no presence in the country, while some, like Cisco and H&M, have a foothold in India that can be strengthened.

Because of the Chinese economy slowing down, Chinese investors are thinking of India as a possible investment destination that could reap profits.

Also read: Indian economy will register fastest growth compared to other nations in next 5 years and China will be mired in complication

(Image source: NewsX)