India woos investors with promise of more reforms

Davos: Promising more reforms in the next couple of months, Indian ministers on Wednesday presented the country as an attractive investment destination with stable and transparent policies to global investors gathered at the World Economic Forum annual meet.

Reflecting the optimism, India has a strong presence for the meeting at this snow-laden resort town, with four ministers including Kamal Nath and Anand Sharma, and a host of business leaders – Mukesh Ambani, Anand Mahindra, Sunil Mittal and Uday Kotak to name a few.

After meeting senior executives of top companies including Novartis, BAE Systems and Royal Philips Electronics, Commerce and Industry Minister Anand Sharma said foreign companies are enthused about the Indian growth story.

Sharma, a key player in pushing FDI reforms, also assured global investors of a transparent and stable policy regime.

"During my meetings here with top CEOs of various companies, they have appreciated the recent policy decisions regarding multi-brand retail, civil aviation and banking amendments," Sharma said.

His ministerial colleague and Urban Development Minister Kamal Nath told PTI the government would roll out more policy reforms "in the next couple of months".

Nath also said that "stress and distress" are in the Western economies and not in India.

Unveiling a slew of reform initiatives, the Indian government has liberalised FDI policy in sectors like retail, aviation sectors and last week initiated partial deregulation of diesel prices. The steps came as India's growth is slowing.

On the broader canvas, WEF discussions were primarily on ways to rejuvenate the sagging global economy and creation of more jobs amid persisting financial woes hurting growth.

Global business leaders emphasised the need for a 'golden triangle' collaboration between governments, companies and the civil society to rejuvenate the global economy, create jobs and fight corruption.