Job potential sectors will get FDI push: PM

Says it will develop strong local talent and woo foreign investment

New Delhi: Hinting at opening up of more sectors, Prime Minister Narendra Modi on Wednesday said areas with high employment potential and strong local talent will be the focus to woo foreign investment and expressed confidence that reform measures like GST and land acquisition bills will be passed in "a matter of time".

In a wide-ranging interview to PTI, Modi asserted that measures already taken in past one year have increased the attractiveness of India as an investment destination and investor confidence has improved. "Wherever there is high employment potential and wherever we have strong local talent, for example, in research and development: those will be the areas of focus for FDI.

Asked whether obstacles to reform measures like Goods and Services Tax (GST) Bill and amendment to Land Acquisition Bill was hurting the economy, the Prime Minister said both the GST and the proposed Land Acquisition Bill are beneficial for the country. "The fact that the States have agreed to the GST design, shows the maturity of our federal system and the GST Bill has already been passed by the Lok Sabha. It is a matter of time before these laws are passed," he said.

Modi claims that the government has initiated a number of reforms which include decontrol of diesel prices, direct transfer of cooking gas subsidy, enhancement of FDI limits, revamping of railways and many others. To a question on the agrarian crisis in the country, the Prime Minister said suicide by farmers has been a serious concern for several years.

"Political point-scoring through comparing how many suicides occurred under which government will not solve the problem. For a government of any party, and for every one of us, even one suicide is worrisome," he said. Modi expressed "great sadness" that mudslinging between the ruling and opposition parties would be unproductive and, respecting the sanctity of Parliament, "we need to collectively find an answer to this issue.

"We need to find where we have gone wrong and why we are not able to solve this over so many years. I have asked all parties for their suggestions to bring contentment and security to our farmers. I want to assure our farmers that this Government will never be found wanting in doing whatever is needed for their welfare," he said.