Learnings from India’s growth story

5670040958_5157e3c59f_o.jpg
Photo: ADB/Flickr creative commons

The world has recognized India’s potential and sees long-term value in becoming a part of India’s growth story. Recent policy reforms and improved business confidence have provided a booster shot to economic activity. To know more about India`s macro –economic prospects along with federal and sectoral developments, the Norwegian Business Association India (NBAI) invited Norwegian companies in Mumbai recently for a session with the Vice President of Invest India, Ms. Payal Koul. Ms Koul is also a Senior Economist with Crisil.

The session was well received by the Norwegian companies which are positive about India’s developments of recent years. Common areas of interest for India and Norway have been in sectors such as Maritime, Oil & Gas, Information Technology, Fisheries and Research, wherein lies a great potential for the future. 

The Make In India initiative by Invest India has been attracting a number of Norwegian companies to start manufacturing in the country and at the same time interest to invest in Research and Innovation. The recent Business Climate Survey, conducted by Team Norway in India. showcased these prevailing opportunities in varied sectors of interest and operations for Norway, while also detailing the roadblocks faced by Norwegian Companies in sustaining their work in India. 

One of the most optimistic findings of the survey conducted was that 75% considered the investment climate to become more favourable in the coming three years. India has taken several steps to showcase its progressive mind-set, such as the ‘Ease of Doing Business’ initiative, focused tax reforms, encouraging start-ups and entrepreneurship, in order to create a favourable business ecosystem. The ‘Make in India’ initiative aimed at enabling India to emerge as a global manufacturing hub with a concentrated push to develop infrastructure so that the country can attract increasing investments from abroad. Roads, railways, power, ports and all key elements of core infrastructure are being enhanced in a unified and structured manner. 

Invest India is the official investment promotion and facilitation agency of the Government of India, mandated to facilitate investments into the country. It is envisaged to be the first point of reference for potential investors. It provides sector-and state-specific inputs and support to investors through the entire investment cycle, from pre-investment decision-making to after-care. 

CRISIL is a global analytics company aiming to make markets function better. It is India's foremost provider of ratings, data, research, analytics and solutions.