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India's Strong Fundamentals Can Attract Investments Post COVID-19: Union Min Javadekar

Union Minister Prakash Javadekar said that India’s strong economic fundamentals are likely to attract multinational companies that are keen on investment

Javadekar

Union Minister Prakash Javadekar said on Saturday that India’s strong economic fundamentals are likely to attract several multinational companies that are keen to move their manufacturing bases from China in the wake of COVID-19 pandemic.

"There is a tremendous opportunity for India and we have to make efforts to seize that opportunity," he said. "All big companies are welcome to India. The country has 150 mobile phone manufacturing units now as compared to two about six years ago."

Javadekar added that personal protective equipment and ventilators are being manufactured within the country. India has a massive domestic market with excellent macro-economic indicators, he added.

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‘Indian economy has strong foundation’

The Union Minister further assured that all industries would open after the lockdown. He said the foundation of the Indian economy is strong, adding that there is a lot of internal demand as well. Prakash Javadekar’s statements came a day after the Ministry of Home Affairs extended the COVID-19 lockdown for two weeks till May 17.

He said that the Centre has made detailed arrangements for the return of migrant workers, including the availability of buses and special trains. Javadekar also assured that there will not be any major job losses due to the COVID-19 lockdown. Earlier, Javadekar had said the Central government had released a relief package for poor and migrant workers who lost their livelihood due to the lockdown, besides providing them free cylinders under the Ujwala Scheme.

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'Social distancing is the new normal'

Earlier in the day, Prakash Javadekar lauded the government's decision to extend the national lockdown for two weeks amid the COVID-19 crisis. According to him, until a vaccine is found, citizens have to learn to live with it as a precaution. The Union Minister further added that wearing masks, washing hands frequently, keeping a distance of two yards is the 'New Normal'. 

"I agree that the terrible situation has passed, but it is too early to say anything. I believe India will win and Coronavirus will lose," the Union Minister said. 

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(With inputs from ANI)

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