Hasten reforms to attract FDI, says Unido

NEW DELHI: Carlos Magarinos, director general of United Nations Industrial Development Organisation (Unido), on Wednesday said that India can double the inflow of foreign direct investment in the country by continuing the process of reforms.
Speaking at an interactive session, organised by CII, he said that Unido was looking forward to identifying core areas of co-operation to enhance industrial development in the country. The need is to streamline the reforms process, especially in power generation and in the existing labour laws in the country. “This would facilitate a major increase in the FDI into India,� he said.
Mr Magarinos referred to the industrial competitiveness report released last year which showed that India, ranked 50, was at the same level of competitiveness between ’85-98. “It is a cause of concern for us given the large size of the economy and its potential,� he said.
He informed that Unido was currently reorganising itself to focus on local processes.