India must open up its economy on a continuous basis: Amitabh Kant

Amitabh Kant, secretary, department of industrial policy and promotion

Claim to fame

A former joint secretary at tourism ministry, he was a key driver in Incredible India and God's Own Country campaigns. Kant is also chairman of the Delhi Mumbai Industrial Corridor Development Corporation

The lesson

I (as DIPP secretary) have faced many a challenge in making India an easier place to do business in. Let's accept it: India is a highly complex place to do business. Who is our competitor? It's China; it's Vietnam. Today, we are in a truly globalised and integrated economy. So, our competition is more global. We have to be highly competitive, and at the same time market ourselves very aggressively. Our e-biz platform is already operational. For any new company there is one form and one point to make payment. Many obsolete rules have been scrapped.

The World Bank has already recognised our efforts, as India has improved 12 ranks in the Bank's recent ease of doing business report. The liberalisation of the FDI regime that this government has undertaken in sectors such as railways, defence and construction did not come without any challenge. In the last 15 months or so, FDI in India has increased by 35% whereas globally FDI shrunk by 16% during the same period. Are there any learning lessons from our competitors? Yes, there are many. India must open its economy on a continuous basis so as to attract global investments.

(As told to Shantanu Nandan Sharma)