District-level growth will spur national growth: Suresh Prabhu

V Rishi Kumar Hyderabad | Updated on June 07, 2020

Suresh Prabhu   -  M_VEDHAN

India to be made attractive for foreign investments

The Government is on track with regard to Prime Minister Narendra Modi’s ambition to make India a $5-trillion economy. But it might be delayed by the fallout of the Covid-19 pandemic, said Suresh Prabhu, former Minister for Commerce and Industry and India’s Sherpa to G20.

“Economic growth will return to the country if we boost district-level growth by at least 3 per cent above the normal. Countries across the globe have announced huge packages to fight Covid-19. India can attract these investments provided we offer them the best incentives and ease of doing business,” he said.

Addressing a Webinar on 'Impact of Covid-19 on Indian Economy' organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI), Suresh Prabhu said, “Growth will be back. The Government is very positive. India is part of G20, which accounts for 86 per cent of the world's GDP.”

“The recent invitation from US President Donald Trump to Prime Minister Narendra Modi to attend and be part of G7 is a significant step. Trump wants to expand G7 with about 10-11 members. This will give us a chance to expand our economy. The Indian Government has a detailed, well-laid-out plan to achieve $5-trillion economy. But due to Covid-19, we might see some delay in reaching there,” Suresh Prabhu added.

Jayesh Ranjan, Principal Secretary (Industries & Commerce), Telangana, said, "The Telangana Government was agile and proactive in providing assistance to industries in these Covid-19 times. The Government is facilitating efforts to restart the economy, ensuring safety for all, to make the State an attractive investment destination.”

“Telangana will initiate reforms focused mainly on ease of doing business. The State is making self-contained business townships like in China to attract Investments. The Pharma City coming up on 20,000 acres is one among them,” Ranjan said.

S Mahendra Dev, former Director, Centre for Economic and Social Studies (CESS), said, “By the end of Covid-19, India will be in the top 2-3 nations in the medium term with a bright future. About 91 per cent of the workforce is in the informal sector and of 6 crore MSMEs, 90 per cent are micro enterprises. Reviving the rural economy should be the priority for generating demand.”

Karunendra Jasti, President FTCCI, said, "Covid-19 has affected the global health supply chain and the food supply chain the most. It also provided us with an opportunity to attract huge investments from China and elsewhere to strengthen the Make In India initiative."

Published on June 07, 2020

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