India’s continuous efforts to strengthen the business environment and encourage investment in the trade have proven effective in attracting more investments; thereafter country will need further economic reforms for sustainable growth and to attract more investment, according to IMF.
Chief spokesman of IMF Gerry Rice mentioned that India’s GST and IBC code have helped the nation in easing the business. He made his statement in reference to recent FDI announcements by major firms like Facebook, Google, and Apple. It is for the first time in India that Apple has manufactured its top of the line model in India with concentrated efforts by Prime Minister Narendra Modi to attract investments and improving the present accounting financing mix containing external vulnerabilities.
Even when the world is struggling through coronavirus pandemic, many nations are struggling to revive their economy and attract new investments. India remarkably holds its position in attracting new investments with FDI of $40 billion in the financial year 2020-2021 thus far.
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However, Gerry Rice highlighted that further outbreaks of a pandemic may require additional lockdowns and concerns about the virus as consumers aren’t willing to purchase which could lead to slow or delayed economic recovery.
Meanwhile, Prime Minister Narendra Modi urged the US firms to invest in India, he said, “Now is the best time to invest in India”. He also promised full support to foreign firms who are willing to invest in India.
Listing out opportunities in the fields of energy, infrastructure, defense, agriculture, healthcare, etc, Narendra Modi had said that the bilateral partnership could help the world bounce back after the pandemic.