Foreign investment in India is growing at 38 per cent even as it has witnessed a decline of 16 per cent at the global level, Union Commerce and Industry Minister Nirmala Sitharaman said.
“India is seen as one of the best places to invest, when globally you have a 16 per cent fall in FDI. It is only in India we are growing. FDI which is coming to India is growing at 38 per cent,” she said.
Speaking at the Valedictory function of ‘Invest Karnataka 2016’ global investors meet here, she said India’s brand image has been built in the last two years due to extensive tours and visits to countries by the Prime Minister, because it was important to recapture the imagination of investors all over the world.
“Efforts of the Prime Minister have paid good reward as (there is) competitive spirit with which states are competing,” Sitharaman added.
The function was attended by Chief Minister Siddaramaiah, Union Ministers Suresh Prabhu and Sadananda Gowda, among others.
Stating that Karnataka is a very important state in terms of its contribution to GDP, she said about 6 per cent of GDP contribution is from the state. “We understand it is growing at 7 per cent and has potential to grow faster. Karnataka is the third largest recipient of FDI,” she said.
Pointing out at the start-up ecosystem that exists in Bengaluru and Karnataka, she said Prime Minister’s Start-up India programme will boost it further.
Noting that Tumukuru would shape up as investment and manufacturing hub, she said it was one among the centres of interest that was discussed during the meeting between Indian and Japanese Prime Ministers.
On IT industry and especially visa fee hike issues, Sitharaman, “We are trying to make sure that maximum advantage is obtained for our IT and technology specialists so that there is easy movement.”
Sitharaman said she had taken it up with US trade representatives at her level.
“We have told them that it is a non-tariff barrier which you are imposing on us,” she added.