Foreign Direct Investment (FDI) is critical for India to reach its goal of becoming a USD 5 trillion economy, according to Deloitte CEO Punit Renjen, who also noted that more than two-fifths of the 1,200 business leaders polled in the US, UK, Japan, and Singapore plan additional or first-time investments in India.
In response to the study, he stated that India remains “one of the most appealing” FDI locations.”Despite the COVID-19 destruction, inflows hit a record high last year. Business leaders, whom Deloitte surveyed, are preparing to make additional and first-time investments in India,” Renjen told PTI.
The CEO of the top multinational professional services network said, “FDI, I believe, is the key to India’s aspiration to be a USD 5 trillion economy and I think that is eminently doable. I am certainly a very big proponent of India and what can be accomplished.”
The survey’s fourth major finding was the importance of a competent workforce and the chances for economic growth, particularly domestically. According to him, these are major FDI attractors.
Also, India is still thought to be a difficult place to do business. This view stems from a lack of knowledge about government programs, incentives, and changes, particularly those that have recently been introduced, he explained.
Renjen said some of the new policy clarifications are really helpful and the stated investment in infrastructure is quite beneficial, noting that government policies are surely very welcome and are helping to encourage FDI in India.
He said that 16 percent of questioned corporate leaders in Japan and 9% in Singapore were unaware of initiatives such as customer digitization, clearing, and production.“A lot of people aren’t aware of all the great things the government is doing.”
During the COVID-19 crisis in India, Deloitte gave significant financial and medical equipment support, as well as the SanjeevaniPariyojana, a supervised, virtual home-care program to allow individuals swiftly access healthcare for mild to moderate Covid symptoms.
He claimed that 15% of Deloitte’s 3,45,000 employees live and work in India and that this will increase to roughly 25% in the next three years, with the goal of reaching tier-two and tier-three cities.