Vastavam web: A vast consumer market and government initiatives to promote manufacturing and digital penetration provide huge opportunities for Swedish companies to invest in India, an Indian official said Monday. “India’s growth which is complemented by a large consumer market offers huge business opportunities for Swedish companies. There is a tremendous scope for investment,” India’s Ambassador to Sweden Monika Kapil Mohta said here at the India Sweden Business Day, organised by India Unlimited.
She noted that India is the fastest growing major economy in the world and is moving towards building a USD 5 trillion economy. “These are the areas which are of particular interest to you. India has undertaken an ambitious plan to build the next generation infrastructure including smart cities, airports, high-speed trains, high cyber connectivity. “There is a rapid growth in construction of national highways. There are ambitious plans to develop more than 100 rivers and national waterways. All these areas further open up immense opportunities for our Swedish partners,” the ambassador added.
She outlined that the government is taking several steps to improve ease of doing business and is also carrying out comprehensive reforms to attract investments. India Unlimited Chief Executive Director Sanjoo Malhotra said that Indian economy is growing at a fast pace and innovation plays a critical role in this.
Innovation will help achieve the sustainable development goals, he said, adding in this area businesses of both countries can increase cooperation. India Unlimited was constituted in 2013 in association with the Embassy of India in Sweden, industry body CII and Sweden Indian Business Council to promote ties between the countries. Speaking at the function, Niklas Johansson, state secretary to the minister for enterprise and innovation, said that enormous potential is there to increase economic cooperation between the two countries and the core will be innovation. He added that cut in red tape, modernise regulations, and tax administrations help promote economic engagement.