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Committed to reform process: FM

Assuring that the government will remain focused on the reform agenda, Finance Minister Nirmala Sitharaman has said that a host of new measures will be undertaken in the coming days.

In her address at the National MNCs Conference 2020, organised by the CII, Sitharaman said that in furtherance of its reforms agenda, the government is ensuring setting up of dedicated special manufacturing zones for the production of pharmaceutical products, medical devices and APIs (active pharmaceutical ingredients) in six states.

Effective unified single window mechanism is part of these zones,Sitharaman said.

Sitharaman also noted that the government has continued with the reform process even amid the coronavirus pandemic.

"We will have to make sure that policies are right to make India an attractive investment destination," she said.

The Finance Minister said that the government has been working assiduously towards ensuring a facilitative environment for the MNCs operating out of India.

Enthused by the government's thrust on reforms and reduced taxation rates, several sovereign funds have expressed interest in partnering with the government on its National Infrastructure Pipeline, she added.

India's GDP contracted by 23.9 per cent in the first quarter of the current financial year. While Prime Minister Narendra Modi has underlined the need to boost the manufacturing sector with a focus on Atmanirbhar Bharat, the government is going all out to woo investors–both foreign and domestic.

CII National Committee on MNCs Chairman Soumitra Bhattacharya said that that MNCs acknowledged the fast-paced reforms that have become a regular feature of the current economic environment.

The reforms must continue given the tectonic shifts in global supply chains in a post-Covid world, which are attracting many foreign firms to shift their base to India, he said.

CII Director General Chandrajit Banerjee said that the government has been working rigorously to create a strong, vigorous, and dynamic environment for MNCs by introducing a plethora of reforms.

He suggested that slab-based incentives could be offered, depending on the size of the FDI. CII remains committed to continue supporting the government in making India an even more attractive destination for foreign investors, he added.