Nirmala hard sells India as investment destination

New Delhi: Union Commerce Minister Nirmala Sitharaman on Friday invited Japanese companies to explore investment opportunities in India and highlighted the Centre's various reform initiatives to boost infrastructure landscape in the country.

Sitharaman in her keynote address acknowledged the experience and contribution of Japanese companies in India. The Minister talked about investment opportunities available in India with the goal to increase contribution of manufacturing sector to 25 percent of GDP by 2025.

Commerce and Industry Minister Nirmala Sitharaman who addressed a gathering of about 250 participants at the India Investment Seminar organised by Japan External Trade Organisation (JETRO) in Tokyo today about investment opportunities available in India, the Commerce and Industry Ministry said in a statement.

She also spoke on the various reform initiatives like National Investment and Infrastructure Fund (NIIF) for enhancing infrastructure financing, Digital India programme to connect 250,000 villages with optical fiber and Jan Dhan scheme.

The Indian delegation led by Sitharaman met Hiroshige Seko, Japan's Minister for Trade Economy and Industry (METI) and several business leaders.

DIPP Secretary Ramesh Abhishek in a panel discussion on 'Make in India' threw light on the massive investment potential of India.

By 2025, India will be the world's youngest nation with average age of 29 years and have a GDP of USD 20 trillion in purchasing power parity (PPP) terms.

The 'Make in India' programme is driving the change in the mindset to cater to this huge potential.

He gave examples of Business Reform Action Plan (BRAC) on which states are being ranked on ease of doing business (EODB) and upgradation of Intellectual Property Regime.

It was discussed that the electric vehicles, renewable energy, medical devices are the sectors of the future providing diversification opportunities to Japanese investors.

During the seminar, Hiroyuki Ishige, Chairman & CEO, JETRO, spoke on the enormous interest of Japanese companies to diversify beyond automotive sector.

Indian ambassador to Japan Sujan R Chinoy mentioned that Sitharaman's visit would further strengthen India's existing strategic relationship with Japan.

Shaurya Doval, Director India Foundation, stressed that the Indian government has increasingly turned business friendly and considers businesses as equal partners in the country's growth.

During the bilateral meeting with the METI Minister, issues inter alia including progress on Japanese Industrial Townships, bilateral trade, diversification of investment sectors and resolution of difficulties faced by Indian Pharmaceutical and IT companies in Japan were discussed.

Sitharaman also met top business leaders of leading Japanese companies in automotive, healthcare, internet and energy sector and discussed opportunities and their plans for India.