New Delhi: India ranks as the second-largest telecommunications market globally and is on the cusp of a transformational change which will require more foreign direct investments (FDIs), Minister of Communications Ravi Shankar Prasad said on Tuesday.
He said the country offers a huge market for companies like Apple and others to make for India and for export markets.
Addressing a seminar titled Invest Digicomm 2019 here, Prasad said the government’s recent decision on lowering corporate tax has made India a more attractive destination for FDI. With the same tax regime like in Vietnam and Thailand, India should aim for the largest FDI share in the world, he said.
Prasad said the country grossed 64 billion dollars of FDI in 2018-19 of which the telecom sector got 2.67 billion dollars. In electronics, computer software and hardware, the amount was 6.4 billion dollars.
Referring to Prime Minister Narendra Modi’s vision of Digital India, Prasad said emerging technologies like artificial intelligence, machine learning and Internet of Things will play a crucial role in the Indian ICT sector and contribute over one trillion dollars to the overall planned target of a five trillion dollar economy by 2024.
It is the most opportune time for investors across the world to be part of the India growth story, he said.