Work out strategies to draw global manufacturers to India: FM Nirmala Sitharaman to industry

New Delhi:

Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries.

India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said.

“As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India.