Days after the India’s Environment Ministry cleared South Korean steel major Posco’s $ 12 billion project in Orissa, Commerce and Industry Minister Mr Anand Sharma on Wednesday said if foreign investors have any concerns, the Government will address them.
“If there are issues to be addressed, the Government will proactively address them because we want foreign direct investment (FDI),” Sharma told PTI. Mr Sharma is here leading a FICCI business delegation.
Billed as the largest foreign investment project in the country, the Environment Ministry on Monday had given the go-ahead to Posco to set up a 12 million metric tonnes per annum steel plant in Orissa. The project has been stalled since 2005 over various environmental issues.
Assuring foreign investors of all possible help, Mr Sharma said India, a favoured destination for FDI, has a stable and investor-friendly policy regime. “I reassure the investors that India will have a robust policy regime, stability of policy and no reversibility and a friendly FDI policy,” he said.
The Department of Industrial Policy and Promotion, under Mr Sharma’s charge, last year took several steps, including initiating discussions on opening up the multi-brand retail and defence sectors for FDI.
The DIPP is also involved in preparing a national manufacturing policy to increase the share of these activities in the GDP to 24 per cent from 16 per cent at present.
“That’s the only way we will be able to ensure gainful employment and sustainable income for a large (number of) young people,” he said.
“We have concluded inter-ministerial consultations. We will take a final view very soon,” Mr Sharma said.