PMO Asks Economic Ministries To Revive Foreign Investments

The Prime Minister’s Office (PMO) has asked the economic ministries to come up with strategies in a bid to revive foreign investments in the country. The new strategies should be able to change the negative global narrative about India and reposition the country as a viable investment destination.

Over the weekend, Nripendra Misra, principal secretary in the PMO, chaired a meeting with secretaries from core economic ministries to discuss measures that would revive investment in the country. “The PMO conveyed its concerns about improving the business environment in order to revive investments and stir job creation,” an official said.

“There was a general brainstorming on some of the immediate steps, such as resolving conflicts between investors and the government,” he added. Although officials did not divulge any information about the specific deliberations at the meeting, it is learnt that FDI (foreign direct investment) in defence had been discussed.

A proposal to amend the FDI policy in the defence sector is likely to be taken up soon as Prime Minister Narendra Modi has signalled allowing more FDI than the present cap of 26% and 49% (on a case-to-case basis). “Why should we import defence equipment? We dream of an India that is self-sufficient in producing defence equipment, using the latest technology,” Modi had said at the launch of the aircraft carrier INS Vikramaditya in Goa.