Acknowledging that foreign companies that come to India get “lost in the federal structure”, Bajaj said, “This proposal has now been fructified, it’s a work in progress and we would like now to address companies’ concerns and hand hold them through this maze of various regulations and clearances that some of you actually face,” during an online conference hosted by the US India Business Council.
Apart from this, the government was also attempting to deepen the bond market by opening up select government securities to foreign investors. “We have actually increased the FDI limit in corporate bonds from 9% to 15%. We are also taking steps to include ourselves in the global bond indices by opening up full access to foreign investors in select government securities,” Bajaj said.
According to Bajaj, the government was also looking to widen the ambit of the production linked incentives (PLI) scheme. The scheme, aimed at promoting manufacturing in India, was started in the electronics industry focusing on mobile phone production.
“The pharmaceuticals and also the medical equipment thing is also out. So that is also now included in the PLI scheme. We are also looking forward to including a few other sectors in this and should soon be coming out with that.”
Stressing the government’s focus on infrastructure investment, the secretary said, ”There is an emphasis on infrastructure at this point of time in the country and we are making all out efforts to spend money in that area. The asset monetisation in road, power and railways is also our priority and some efforts are taking place on that side as well.”