NEW DELHI - Making land more easily available, fast-tracking clearances, relaxing labour norms and offering tax incentives are some of the promises India has made as it attempts to draw foreign investment, including those that may be diverted from China, in a post-Covid-19 world.
Andhra Pradesh, from where a Singapore conglomerate had to withdraw investment from the greenfield capital city of Amaravati over policy flip flops and delays last year, hopes to reassure investors. The Uttar Pradesh government has focused its efforts particularly on Japanese firms and initiated work on setting up a dedicated help-desk for them. Around 25,000 hectares of land has already been identified in the state for such firms.
The head of an industry body, who did not wish to be named, said he has been in touch with a federal ministerial body working to promote investments into India."The ball should start rolling soon and we expect some bold decisions," he told The Straits Times."We have already seen some initiative," he added, referring to recent moves by some states to relax labour norms.
Mr Kshitij Chaudhary, an Indian business consultant who has worked in Vietnam for six years, said India will have to work hard to match the benefits that Vietnam offers, including its socio-political stability and regulatory clarity.