India has urged multi-national companies to set up research and development (R&D) centres in the country as it is going to be the hub of innovation and knowledge for the next two-three decades, a top government official said.
Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said he asked for this during a series of meetings with global firms on the sidelines of the World Economic Forum (WEF) meet in Davos, which concluded recently. I have urged them to open R&D centres in India as we are going to be the hub of knowledge and innovation for the next 2-3 decades. Given the success of digital India, a vibrant startup ecosystem, improving infrastructure and a stable macro-economic policy regime, India has emerged as the most attractive investment destination, Jain told PTI.
During May 23-25 at WEF meet, the secretary also participated in multiple sessions including on Green Public Procurement, and Joint Governors Policy Meeting on Net Zero Infrastructure. In addition to this, he also chaired sessions at the India Lounge on transforming the country’s energy ambitions to action; realising its digital economy; and building unicorns in India.
MNCs with which the secretary held one-on-one meeting included Marsh McLennan, Procter, Nokia, UPS, Royal Philips, Prosus/ Naspers, and Anheuser-Busch InBe, Roche Diagnostics, LEGO, Schneider Electric, Generali, Vestas, Michelin, and Signify. Jain said the WEF put forward the India story in a single voice with the central, state and the business leaderships coming together to project India as an attractive investment destination.
In a session on startups, he stated that India has a strong startup ecosystem with third highest unicorns. He emphasized that India was a hub for frugal innovation and for the next 2-3 decades, it was going to be an attractive investment destination. At the WEF, there was a DPIIT lounge and 6 state lounges of Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Maharashtra, Karnataka and Telangana.
The Indian Ministerial delegation consisted of Commerce and Industry Minister Piyush Goyal, Health Minister Mansukhlal Mandaviya, and Petroleum and Natural Gas, Housing and Urban Affairs Minister Hardeep Singh Puri.