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    India making efforts to deregulate economy to attract greater investments: Piyush Goyal

    The government has further liberalised agricultural laws to encourage more investments in agri-processing and open up markets so as to increase the income of farmers, he said at CII’s Partnership Summit.

    The government is making efforts to deregulate the economy with an aim to attract greater investments from across the world, Commerce and Industry Minister Piyush Goyal said on Wednesday.

    He said the government has opened up defence, manufacturing, mining, finance and capital market sectors.

    The government has further liberalised agricultural laws to encourage more investments in agri-processing and open up markets so as to increase the income of farmers, he said at CII’s Partnership Summit.

    “India is making efforts to deregulate its economy for greater investments from other parts of the world,” he said.

    Goyal further said India provides huge opportunity for investments, and procurement of goods and services. “India is looking forward for working with friends and neighbours, and having a global footprint. India is working to turn the COVID crisis into an opportunity, and is confident of reaching the target of USD 5 trillion economy by 2025, and USD 10 trillion in another 7-10 years,” the minister said.

    Overall, Indian investment is focused on large tech companies and pharma stocks. “People wanting to invest in the US are preferring large tech brands. There is rising interest towards pharma in view of the developments around Covid vaccine. Pfizer and Moderna have seen interest post vaccine announcements,” said Shah

    Data shared by Winvesta, another firm that operates a platform to facilitate investment in foreign securities, showed FAANG stocks form nearly one quarter of all investments from India via the platform. FAANG refers to Facebook, Amazon, Apple, Netflix and Google.

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