According to Mr Deepak Bagla, MD & CEO, Invest India- the National Investment Promotion & Facilitation Agency under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India, Invest India is actively working with industry to put together a strategy for business revival and economic growth, in the aftermath of the COVID-19 pandemic.
Mr Bagla made the comments while addressing around 150 stakeholders of the Indo-Canada business corridor, during a Webinar organized by the Indo-Canadian Business Chamber (ICBC), the leading industry body representing the business interests of the said corridor which is presently valued at close to $10bn.
This was the second in a series of Webinars organized by ICBC to deliberate on the various aspects arising out of the global COVID-19 pandemic outbreak.
Mr Sanjeev Mittal, Head of Scotia Bank in India, was also a key participant while Ms. Nadira Hamid, CEO, ICBC, moderated the hour-long session.
Responding to a question on the steps taken by Invest India during the crisis to help businesses, Mr Bagla pointed to the Business Immunity Platform created on their website even before the March 24 lockdown, which had addressed 3300 queries so far. The World Bank had also suggested the Business Immunity Platform of Invest India as a case study, he said.
Answering to queries as to what would be the benefits for Canadian companies looking to invest in India, Mr Bagla, said, “I believe in the next 24 months, Canadian exposure in India will be at least 3x or 4x of its present amount.” Emphasizing on why he thought so, he said, “Investment is based on three pillars: Business to Business, People to People and Government to Government. It’s one of those very few relationships, and this goes from both sides, where we have strength in all these three pillars. Frankly to my mind, so far we have not scratched the surface of this scenario.”
Mr Sanjeev Mittal, while commenting on the economic aspects involving ICBC and Invest India also emphasized on the importance of staying safe during the present COVID-19 situation. He said, “Everybody should stay safe and maintain social distancing. There have been advisories from all the governments and we should all ensure to adhere to the advisories and follow the guidelines.”
Speaking at the webinar, Nadira Hamid, CEO-ICBC said, “On a positive note, with every calamity comes opportunities and there will be a whole new sector and a whole new tomorrow.” Continuing on the aspect, she said, “It will be a New Normal because we’ll not be going back to the old normal and there will be a lot of opportunities in the New Normal.”
The ICBC and Invest India webinar emphasized on the fast-track mechanisms that have been put in place for ease of business and to aid in the coordination to bolster economic growth between the two countries.
The upcoming third webinar of the series on Cyber Resilience and Cyber Security during COVID-19 will be addressed by Mr Krishnanand Bhat, Chief Information Security Advisor (CISA), Nexdigm as well as Mr Vishal Vasu, Director & Chief Technology Officer, DEV IT.