Lok Sabha Question No. 521 (UNSTARRED), answered on 2023-12-06
Subject: WEF
Ministry: COMMERCE AND INDUSTRY
Asked by: Sanjay(Kaka) Ramchandra Patil

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE

## LOK SABHA

UNSTARRED QUESTION NO. 521. TO BE ANSWERED ON WEDNESDAY, THE 06 th  DECEMBER, 2023.

WEF

## 521.   SHRI SANJAY KAKA PATIL:

## Will the Minister of COMMERCE AND INDUSTRY be pleased to state: वाणिज्य एवं उद्योग मंत्री

- (a) whether the Government is using the World Economic Forum (WEF) meeting at Davos to highlight the investment potential of India;
- (b) if so, the details thereof and if not, the reasons therefor;
- (c) whether  the  Government  has  taken  any  steps  to  involve  the  youth  at  such forums; and
- (d) if so, the details thereof and if not, the reasons therefor?

## ANSWER

## वाणिज्य एवं उद्योग मंत्रालय में राज्य मंत्री ( श्री सोम प्रकाश ) THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY (SHRI SOM PARKASH)

- (a) & (b): Government has taken a series of policy initiatives to improve the economic situation and attract investments while creating more opportunities for growth and development. Under  one  such  initiative,  the  Government  intends  to  facilitate  investment,  foster innovation, build best in class infrastructure, and make India a hub for manufacturing, design  and  innovation.  The  policy  measures  include  the  Aatma  Nirbhar  Bharat packages, introduction of Production Linked Incentive (PLI) Scheme in fourteen (14) sectors,  investment  opportunities  under  National  Infrastructure  Pipeline  (NIP)  and National Monetisation Pipeline (NMP), India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), soft launch of the National Single Window System (NSWS), etc. An institutional mechanism to fast-track investments has been put in place, in the form of  Project  Development  Cells  (PDCs)  in  all  concerned  Ministries/  Departments  of Government of India. All the above initiatives/ schemes are implemented across various Ministries/Departments, Central Government and State Governments.

In addition to ongoing schemes of various Departments and Ministries, Government has taken various steps to boost domestic and foreign investments in India. These include the introduction of Goods and Services Tax, reduction in corporate tax, improving Ease of Doing Business, FDI policy reforms, measures for reduction in compliance burden, measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Program (PMP) and QCOs (Quality Control Orders), to name a few.

Government utilises various platforms and fora to highlight India's investment potential through its various schemes/initiatives etc. One such platform is the World Economic Forum which conducts its Annual Meetings in Davos.

- (c) & (d): Government has also taken several measures to foster innovation and research in the country.  Startup  India  is  one  such  initiative  where  young  entrepreneurs,  who  have potential  investment  ideas,  have  floated  several  entities  with  newer  technological solutions.  Such  young  entrepreneurs  also  participate  in  such  fora  while  promoting investment opportunities in India.

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