Foreign Trade Missions to Power India's FDI Search

India is looking to strategically leverage its trade missions to position itself as a more attractive destination for foreign investment, according to two people familiar with the matter.

- Dhirendra Kumar

NEW DELHI:

Indian missions abroad would be given the authority to grant in-principle approvals to foreign direct investment (FDI) proposals from different countries to help cut through bureaucratic hurdles, the persons cited above said on the condition of anonymity.

The Centre's thinking, discussed in a recent high-level meeting involving key government ministries, comes in the backdrop of a global realignment of supply chains and keen interest from international businesses seeking manufacturing alternatives to China, which is facing unprecedented tariffs of up to 245% for exports to the US.

The initiative would also look to break the sliding trajectory of FDI inflows over the past three years.