High Job Potential Sectors To Be Opened Up For FDI: PM Modi

BENGALURU: Hinting at opening up of more sectors, Prime Minister Narendra Modi said areas with high employment potential and strong local talent will be the focus to woo foreign investment and expressed confidence that reform measures like the GST and Land Acquisition Bills will be passed in “a matter of time”.

On the land Bill, which the government wants to push early but has now been referred to a Parliamentary committee, he said the government will accept any suggestions that benefit “Gaon, Garib, Kisan”.

In an interview to PTI, Modi said measures already taken in the past one year have increased India’s attractiveness as an investment destination and investor confidence has improved.

 “We have created the National Infrastructure Investment Fund. This is a major step which will increase the flow of foreign investments into all infrastructure sectors, without needing separate sector-by-sector approaches,” he said.

Asked whether obstacles to reform measures like Goods and Services Tax Bill and amendment to Land Acquisition Bill were hurting the economy, the Prime Minister said both the GST and the proposed Land Acquisition Bill are beneficial for the country.

“The core essence of these Bills should be appreciated by all the parties keeping aside political motives. Long-term interest of the nation should be foremost.

“The fact that the States have agreed to the GST design, shows the maturity of our federal system and the GST Bill has already been passed by the Lok Sabha. It is a matter of time before these laws are passed,” he said.

Modi said the government has initiated a number of major reforms which include decontrol of diesel prices, direct transfer of cooking gas subsidy, enhancement of FDI limits and revamping of railways.

“The truth is that reform has actually been pushed very fast and in fact as a result FDI has already witnessed an increase of 39 per cent,” he said.

He also maintained that the success of steps that the government has taken and the positive response of the people to them in the first year “have encouraged us to do even more”.

He also dismissed reports of a difference between the Finance Ministry and the Reserve Bank saying the central bank has its functional autonomy which the government will “always respect and preserve”.

On the economic growth prospects for the current year, Modi said based on the experience of the last year and the enthusiasm of the people all economic indicators will exceed the targets.

“I do not want to undermine the potential and the efforts by giving any figure which may turn out to be too low,” he said.
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