The NITI Aayog is exploring ways to encourage more domestic companies to be among the top multinational corporations in the world, the think-tank’s Vice-Chairman Rajiv Kumar said.

The government is working to further improve the ease of doing business in the country.

 

The government think-tank has already held preliminary meetings with the industry bodies and top industrialists to identify the roadblocks that hinder the growth of Indian companies.

“We have noticed that China and some other emerging economies like Turkey, Argentina and Brazil have been able to establish companies which are MNCs in their own right and have a significant share of the sectors in which they operate.

“You can see this is true of the companies like Alibaba, Temasek or Baidu, being able to compete with largest companies in the world,” he told PTI in an interview.

In the latest Fortune 500 list of the world’s biggest corporations in terms of revenue, only seven Indian companies made it to the ranking.

Indian Oil Corporation (IOC) was ranked 137th, Mukesh Ambani-led RIL ranked 148th, Oil and Natural Gas Corporation (ONGC) ranked 197th and State Bank of India (SBI) was given 216th rank.

US-based retail giant Walmart topped the global rankings, followed by State Grid Corporation of China, and China National Petroleum.

“The Indian companies should also figure prominently in the list of top global MNCs,” Kumar said, adding this is not a tall order given the fact that India, in quick time, has been able to significantly improve its ranking in the World Bank’s ease of doing business ranking. The US continues to have the largest presence on the elite list with 132 firms, followed by China at 109.

Kumar also pointed out that the future of any economy is often dependent on the strength and nature of their large corporations.

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