India must aim for attracting largest FDI share in World : Prasad

Speed Post News Network

New Delhi  : Union Communications Minister Ravi Shankar Prasad on September 24, 2019, said that India is the second largest telecommunications market and is on the cusp of transformational change which will require additional FDI in the sector.

Addressing a seminar on ‘Invest Digicom’ 2019 here, Prasad said that the recent decision on reduction of the corporate tax has made India a more attractive destination for FDI and it should aim for the largest FDI share in the world. He said given the recent announcements on tax relief for manufacturing, India has the same tax regime as Vietnam and Thailand. He said the country offers a huge market for companies like Apple and others to make for India and also export and added that Apple has started production in India in a very effective way.

The Minister said FDI has seen a jump over the last few years and grossed USD 64 billion in FY19. Telecom sector attracted FDI worth USD 2.67 billion, and in electronics, computer software and hardware of USD 6.4 billion, according to a PIB release.

Referring to the Prime Minister’s vision of Digital India, Prasad said emerging technologies like Artificial Intelligence, Machine Learning and IoT will play a crucial role in the Indian ICT sector and will contribute over 1 trillion-dollar to the overall planned target of 5 trillion—dollar economy by 2024. Prasad said that it is the most opportune time for the investors across the world to be part of the growth story of Indian Telecom and Government of India will be happy to welcome and facilitate FDI in this sector.

Speaking at the inaugural session, Anshu Prakash, Chairman, Digital Communication Commission (DCC) and Secretary, Department of Telecommunications, emphasised the need for continuous and sustained investments in the sector.