'Very friendly' investment destination India seeks to woo foreign investors at WEF meet

Davos: With the message of being a "very friendly" investment destination, India on Wednesday sought to woo foreign investors at the WEF annual meet where leaders pored over the benefits of globalisation amid concerns over the impact of automation on jobs worldwide.

The issue of slow pace of bridging the gender gap also figured prominently in discussions, with IMF chief Christine Lagarde referring to an example from India about how women are using mobiles to report harassment by their mothers-in-law.

India, one of the fastest growing major economies, was represented here by a delegation of over 100 individuals, including ministers, government officials and business leaders. The country is striving to showcase itself as a bright spot in an uncertain global economic situation.

While Union Minister Nitin Gadkari made a strong case to woo foreign investors, his ministerial colleague Nirmala Sitharaman said the country has great opportunities in the services sector which contributes over 50 percent to the GDP.

As leaders discussed whether jobs are evaporating due to globalisation ushering in too many technological innovations, a WEF report said digital transformation across industries can help save trillions of dollars in cost.

Against the backdrop of rising uncertainties in the global economy and fears of more job losses, Gadkari said India is working on ways to improve purchasing power of the common man as that would present further opportunities.

"We are very friendly for investments and it is appropriate time to invest in India," Gadkari said.

Commerce Minister Nirmala Sitharaman emphasised that the world needs to do a "reality check" even as she said India remains on track to grow its trade and economy faster.

Acknowledging that there is discontent, especially in countries where capitalism and democracy co-exist, she said probably this is the time to pause and recalibrate.

IT major Wipro's CEO Abidali Neemuchwala said a more globalised future would need the workers to be re-skilled.

Industry leaders from India said the country continues to see high growth and appears on track to move to higher income category in the coming years.

According to them, growth in India is consumption-led and the projections for coming years remain that the consumption would continue to drive this expansion.

While debate raged here on widening wealth gap and the resultant rise in populism, leaders stressed the need for working on ways to tackle inequality and ensure responsible growth.

Urging policymakers worldwide to act now to check inequalities, Lagarde said there is no "silver bullet" to contain this problem.

Gadkari, who is the Minister for Road Transport and Shipping, said India is working on record road construction projects while there are no problems relating to land acquisition and environmental clearances.

While stating that port sector too is growing fast and six new ports are being developed, Gadkari said the country is also focusing big on cruise tourism.

Flagship programmes of the government, including Make In India and Digital India, are being showcased by the ministers and officials as the country seeks to attract more investments.

Apart from the ministers, senior government officials including DIPP Secretary Ramesh Abhishek and NITI Aayog CEO Amitabh Kant are attending the annual meet. Andhra Pradesh Chief Minister Chandrababu Naidu is also present.

Reliance Industries Chairman Mukesh Ambani, Tata Sons Chairman designate N Chandrasekaran and SBI Chairperson Arundhati Bhattacharya are also in attendance.

On Tuesday, Mukesh Ambani said he favoured free market economy and that wealth creation should not be constrained as it is a precursor to the distribution of wealth.

Industry body CII's Director General Chandrajit Banerjee said India and other emerging economies are getting a lot of focus here in Davos and all have seen India championing the cause of globalisation.

India continues to see high growth and appears on track to move to higher income country category in coming years, according to CII President and senior industry leader Naushad Forbes.

According to him, everyone assumes that India will grow at least at 7 percent and the aspiration is for 8 percent or 9 percent or even higher.

Meanwhile, World Economic Forum Digital Transformation Initiative (DTI) said that digital transformation can save trillions of dollars in cost and consumers stand to benefit more from it provided there are policy incentives to improve societal outcomes.

"More than half of the value that digitalisation offers is in the form of societal benefits. These include net job creation and reduced income inequality, improved health outcomes and fewer accidents, reduced carbon emissions and time and cost savings for consumers," it said.