Union Commerce and Industry Minister Piyush Goyal promised investors strong government support to counter challenges like anti-dumping and predatory pricing. Addressing the TV9 Global Summit, Goyal underscored the government's determination to create a business-friendly environment by updating laws, lightening compliance loads, and strengthening arbitration systems. He underlined India's vision to become a global manufacturing hub, propelled by streamlined processes and effective dispute resolution systems.
In a significant fillip for India's chemical industry, Goyal said that one of Germany's top chemical players is looking to invest $1.5 billion in the country. Land close to a seaport has already been identified for the project, reflecting India's increasing attractiveness as an investment destination. The minister added that this investment is a measure of growing confidence among foreign investors, backed by regulatory changes and better ease of doing business.
Goyal also emphasized the need for intellectual property reforms and technology-based judicial processes in order to achieve fairness and efficiency. He urged the legal fraternity to assist in developing globally benchmarked dispute resolution systems, further establishing India as an investment destination of choice for foreign investments.
Source: Times of India, Babushahi, Times Now