While addressing a seminar on INVEST DIGICOMM 2019 Shri Ravi Shankar Prasad said that India is the second largest telecommunications market and is on the verge of transformational change. He said that the recent decision on reduction of the corporate tax has made India a more attractive destination for FDI and it should aim for the largest FDI share in the world and also, given the recent announcements on tax relief for manufacturing. India has the same tax regime as Vietnam and Thailand. He also said that production of companies like apple is very efficient in India and we have a huge market for these companies.
While talking about the statistics, minister said that FDI has seen a jump over the last few years and grossed USD 64 billion in FY19. Telecom sector attracted FDI worth USD 2.67 billion, and in electronics, computer software and hardware of USD 6.4 billion.
He said that FDI has seen a jump over the last few years and grossed USD 64 billion in FY19. Telecom sector attracted FDI worth USD 2.67 billion, and in electronics, computer software and hardware of USD 6.4 billion while referring to Prime Minister’s vision of Digital India. Shri Prasad also quoted that it is the best time for the investors across the world to be part of the growth of Indian Telecom and Government of India will be happy to welcome and facilitate FDI in this sector as well.
While speaking at the inaugural session, Chairman, Digital Communication Commission (DCC) and Secretary, Department of Telecommunications Shri Anshu Prakash accentuated the need for continuous and sustained investments in the sector. The Thematic address of the event was given by Shri P. K. Sinha, Member Finance, DCC, Department of Telecommunications and ex-officio Secretary to GOI who threw light on the background of FDI in Indian telecom sector and also assured all that more such interactions with relevant stakeholders will be organized in the near future. Shri S.K. Gupta Member (Technology), DCC, DOT gave the special address at the event and Shri Dilip Padhey, Advisor (Finance), DOT delivered the welcome address. The one-day conference featured a high-level discussion on NDCP 2018: Converting Challenges into Opportunities, Foreign Investment: The Law in Practice, Convergence: Regulatory responses for the Digital Economy, and Industry 4.0: The role of digital communications.
The seminar was conducted by National Institute of Communication Finance (NICF), Department of Telecommunications (DoT), Ministry of Communications in association with Federation of Indian Chamber of Commerce & Industry (FICCI), for drawing sustained FDI in the telecom sector of India.
Source: PIB
