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PM discusses strategy to promote investment before unlocking economy

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With the coronavirus crisis increasing the spectrum of investments drying up in the economy, Prime Minister Narendra Modi held a high-level meeting on Thursday to discuss strategies to attract more foreign investment to India and promote local investment.

The meeting attended by Minister of Finance Nirmala Sitharaman and Minister of Commerce Piyush Goyal, among others, discussed a plan to develop plug and play infrastructure in existing industrial land, plots or areas, according to which only ready-to-implement projects with all authorizations in place would be allocated through a transparent auction process similar to the allocation of coal blocks

The plug-and-play concept, in addition to speeding up the project, makes it possible to attract funds from financial institutions more quickly.

In-depth discussions were also held on how to help states evolve their strategies and be more proactive in attracting investment, said an official statement after the meeting.

The meeting discussed various reforms undertaken by the ministries before the March 21 lockdown, the Prime Minister stressing that the reforms should continue unabated.

Modi said steps should be taken for a more proactive approach in order to hold investors, investigate their problems and help them get all the necessary central and state approvals within a specified time.

Later in a tweet, Modi said, the meeting discussed ways to boost investment, both international and domestic. Issues relating to India’s reform trajectory were also discussed in order to accelerate growth. “

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