Trust, talent attracting investors to India: Vaishnaw

Davos, Jan 24: Describing ‘trust and talent’ as the two most important factors, senior Union Minister Ashwini Vaishnaw said here that global companies are very enthused about India, with existing players planning to scale up and several new ones wanting to set shop in the country.

The Minister for Railways, Information and Broadcasting, and Electronics and Information Technology said many new semiconductor players have also shown their interest while his ministry has also taken up the task of making new chipsets, which would be designed and fabricated in India and would be of use for multiple sectors.

Speaking to PTI here during the World Economic Forum Annual Meeting, Vaishnaw also said that India is set for a leadership role in the area of artificial intelligence.

Asked about the biggest factor attracting investors towards India, he said, “There are multiple factors. There was a time when people used to evaluate a destination only on the basis of cost. But the first factor in any evaluation today is trust and that is very important”.

“The way Prime Minister Narendra Modi has set a benchmark before the world through our foreign and economic policies, the trust element is very big there. The world recognises that trust and sees India as a trusted partner,” he said.

Another very important factor is talent, the minister said.

“The kind of talent pipeline we have is not there in many countries. Cost may be higher or lower, but such an impressive talent pool cannot be found anywhere. Trust and talent are two very important factors behind global investors looking at India,” he added.