India says slowdown cyclic & right time to invest |
India`s Commerce and Industry Minister Piyush Goyal on Tuesday said that the recent economic slowdown is a cyclic structural adjustment, and it is the right time to invest in India before growth bounces back. Admitting that the country`s economic growth has slowed down in the past two quarters to a six-year low of 5 percent, Goyal said that India is no longer the fastest-growing major economy. He further said, We had a pretty good run for almost four to five year before the last two quarters. The slowdown is rightsizing of certain sectors or opportunities in different areas. It is an opportunity for all of us to reassess capacities, productivity and costs of production. Asserting that this is the right time to invest in the country, Goyal urged the investors direct funds in India, before the economy picks up again. Elaborating further, he said that India is willing to engage with modern technology and is looking at efficiency in domestic production - particularly in gas. In the foreign direct investment (FDI) he said that India has opened up the platform to almost all sectors, except for a few which are security or national policy concerns. In the energy sector, 100 percent FDI is allowed.
|
|
|
|