To attract FDI, India needs modernized economic policy said Nisha Biswal, Assistant Secretary of State for South and Central Asia. She quoted that if India wants to attract the investors from foreign then they first need to reform their economic governance.
Delivering the 33rd Annual Mahatma Gandhi Memorial Lecture at the University of California in San Diego, she said important steps can ensure that the country attracts the capital and for that it needs to build the India of 2030.
India needs to modernise the policy to expand trade and attract the kind of foreign direct investment it needs to build infrastructure, she said.
Talking about the measures that India needs to take, Biswal said steps like updating its intellectual property regime so that technology and innovations have adequate safeguards, ensuring transparency, predictability, and consistency in its corporate tax code, and providing for an efficient system of adjudicating disputes are needed.
We have already seen some steps in the right direction, and we are seeing a faster flow of investment as a result. We are also hopeful that by pursuing a bilateral investment treaty and passing a national Goods and Services Tax (GST), India will further boost investor confidence, Biswal said.