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Govt Ropes in 25 Corporate Giants to Help Boost Investment, Fix Problems

As part of the initiative, consultations have already begun with business houses such as Maruti Suzuki and Hindustan Unilever.


Updated:December 17, 2019, 11:00 AM IST
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Govt Ropes in 25 Corporate Giants to Help Boost Investment, Fix Problems
File photo of Piyush Goyal

The country’s top 25 corporate giants and lenders, including the Reliance, Adanis, Birla, Mahindra, Tatas, Wipro and Infosys have been roped in to resolve the issues central government is facing in their bid to expand operations.

According to a report in Times of India, as part of an initiative undertaken by commerce and industry minister Piyush Goyal consultations have already begun with firms such as Maruti Suzuki and Hindustan Unilever to assess their investment plan.

The move comes at a time when the government is trying to revive economic growth and boost investment.

The consultations began a few weeks ago and the corporates are also being asked to share their investment plan for five years along with short-term expansion plans, the TOI report said.

Meanwhile, speaking at the India Economic Conclave 2019, Goyal said the tax reforms introduced by the government recently will ensure investments come back to India.

He said the government is looking at pooling together land which state and central governments have got to offer to investors for setting up their businesses in India. "I have got PSUs including railways to create land pools for making land available easier to investors. We are monitoring and tracking that investment comes to india," he said.

When he was asked about the progress of the bilateral trade talks between India and US, Goyal said, "As regards trade deals and the decisions, they are long drawn affairs. They are not something which close immediately. You have to go into trade detail.

"You have to see its impact, its forward and backward linkages, its impact in the long run and short run, corresponding benefits we get from the trade deal and I assure you that we have made significant progress in the past few months."

He further said the government has almost been able to sort out various differences that prevail between the US and India.

When asked about the concerns raised by various industries that are witnessing slowdown, Goyal assured that the government is open for consultations and already has players, including chief of Maruti Suzuki India, from the automobile industry to take their inputs on reviving growth.

He said he is slated to meet representatives of the Tata Group and Mahindra Group in coming days. "The finance minister today has started pre-Budget consultations. Now, we are in that period where most solutions and issues will be addressed through the Budget," Goyal said.

The minister further said that while the government acknowledges economic slowdown, it does not believe that there is "gloom and doom" situation and that there are already signs of greenshoots.

Accepting that there is a stress in sectors like the telecom, he said the government companies such as BSNL and RailTel Corporation of India have also faced issues.

"These issues have to be sorted out and the government is proactively working towards it. However, it was the Supreme Court ruling and we could not do much on that. However, when Vodafone and Airtel came to us, we gave them a two-year moratorium on spectrum payments," Goyal added.

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