New Delhi. According to a survey by Deloitte, India remains an attractive destination for Foreign Direct Investment (FDI) due to good economic growth prospects and skilled workforce. The results of the survey released on Tuesday show that many international industrialists believe in India’s short and long term prospects and are planning to make additional investments and first time investments in the country.
According to the ‘India’s FDI Opportunity’ survey, 1,200 top executives of multinational companies from the US, UK, Japan and Singapore were questioned in the survey. It found that India continues to be an attractive destination for investment, scoring high marks for its skilled workforce and good economic growth prospects.
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It said that India can target to attract more FDI in seven capital intensive sectors, textiles and apparel, food processing, electronics, pharmaceuticals, vehicles and parts, chemicals and capital products. These sectors contributed $181 billion to the country’s trade exports in 2020-21.
According to the survey, these seven sectors have the necessary potential, opportunity and potential to show quick results and set a global precedent. It found that the US has the strongest positive sentiment towards India compared to markets such as China, Brazil, Mexico and Vietnam. Industrialists from America and Britain expressed more confidence in the stability of India.
The survey found that despite recent reforms to improve ease of doing business in India, there remains low awareness among investors about these reforms. India was considered a more challenging environment to do business than China and Vietnam. It said that while India is considered to be both politically and economically stable, the country scored low in the category of institutional stability, i.e. regulatory clarity and efficient judicial redress and mechanism.
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It also said that inadequate infrastructure was another negative factor reported by existing and potential investors. Punit Ranjan, CEO, Deloitte Global, said: “We believe that the outlook can improve only because of improvements in the ease of doing business in India, including financial leverage and other improvements. These positive steps further reassure me that India is moving towards its ambition of becoming a $5,000 economy.
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