The Government was working proactively towards creating infrastructure and clearing bottlenecks issues to create a conducive environment for business, said Ramesh Abhishek, Secretary, Department of Industrial Policy & Promotion, Government of India, while addressing the ‘India-Italy CEOs Roundtable’ on ‘Revitalising the Economic Connect’ organized by FICCI, Ministry of External Affairs and CII.
Enumerating the various initiatives of the Government of India, Abhishek said that the liberalized FDI policy and roll out of GST were some of the bold steps undertaken by the government to facilitate investors. Railways, highways waterways and ports were being developed to halve the cost of logistics to pave the way for competitive business.
He said that states had a critical role to play in facilitating and creating ease of doing business in the country. India was working in partnership with the World Bank to rank Indian states on the parameters of ease of doing business. He added that this initiative has made states engage in healthy competition.
Pankaj Patel, President, FICCI & Chairman, Zydus Cadila, proposed institutionalising a CEOs Roundtable with Italy that would meet regularly or on the sidelines of the Joint Commission meetings to cross-pollinate India-Italy trade and investment relations. The rising quantum of Indian investments reaching Italian shores was a key barometer to gauge business sentiments of Indian industry.
Highlighting the keys areas of cooperation between India and Italy, Patel said some of the potential sectors were Make in India, Digital India, Skill India and Start up India and Smart Cities; technical cooperation; machinery, auto components; Renewable Energy; ICT; infrastructure development and engineering; financial sector cooperation; pharma and biotech especially joint R&D; creativity, design & luxury; media and entertainment; SME cooperation; establishment of a Task Force for Skills sharing and tourism.
Speaking on ‘India-Italy Trade and Investment Relations’, Michele Scannavini, President, Italian Trade Agency, said that the round table was an excellent opportunity to further deepen and strengthen the ties between Italy and India to explore joint ventures and partnerships. He added that ‘Make in India’ was a significant step towards boosting the manufacturing sector of India and Italy was uniquely positioned to partner with India.
Shobana Kamineni, President, Confederation of Indian Industry & Executive Vice Chairperson, Apollo Hospitals Enterprise Limited, said that India is a $2.4 trillion economy which will grow to $4 trillion by 2022. Thus, the India-Italy CEOs dialogue is an important forum to catalyse bilateral engagement and explore new avenues of cooperation. The range of specific sectors for cooperation is large, including manufacturing, services and most importantly, knowledge-led industries.
Invest India & Italian Trade Agency sign MoU
Invest India signed a Memorandum of Understanding (MoU) with Italian Trade Agency (ITA), which marks the start of an Indo-Italian partnership focusing on deepening engagement among stakeholders in both ecosystems, providing favorable business environment and necessary guidance to companies of both countries for sustainable growth of their businesses in India and Italy, respectively.
The MoU was signed between Deepak Bagla, CEO & MD, Invest India and Michelle Scannavini, President, ITA, on the side lines of the India-Italy CEO Roundtable.
The Salient Features of the MoU include:
- Sharing economic information related to foreign direct investment;
- Promoting and facilitating inbound FDI, coming from or proposed by Indian and Italian investors respectively;
- Sharing and exchange business information regarding various investment sectors including the legal and regulatory framework.