Union Minister of State for Finance Anurag Thakur on Saturday said that the government wants to make India the next manufacturing hub, post Covid-19.
He said the government was also consolidating labour laws to make the country preferred investment destination.
Thakur was interacting with members of Federation of Telangana Chamber of Commerce and Industry (FTCCI) and industry leaders from the state.
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“So far India is far successful in containing coronavirus and the country is set to attract companies from all across the globe due to its pro-business policy and hostility towards the country where the virus originated,” a statement from the organizers quoted him as saying.
The minister said the government took many steps to control Covid-19 with the active commitment of the people of India. The government also initiated many more measures with the positive revival of the Indian economy in mind.
“We are committed to make this nation the next manufacturing hub, post covid-19. Consolidation of labor laws, reduction of compliances are some of the measures to make our country the most preferred for investments. Covid-19 has provided us a challenge and opportunity.”
Karunendra S. Jasti, President, FTCCI, said Covid-19 sounded a death knell to small businesses which together employ more than 60 per cent of the workforce in India. While appreciating the government’s quick action to control the virus by announcing the 21+19 day lockdown in the country he requested the government to wage a similar battle against the ailing economy and come to the rescue of industrial and business entities.
The already announced fiscal packages such as cheaper credit and other measures provide minimal relief but actually do not alleviate the pain and suffering this disorder is going to pose to MSMEs and other businesses for many more months to come, he said.