Confederation of Indian Industry (CII) on Sunday urged domestic and overseas investors to invest in India, saying time is ripe to make investments.
It is time for industry to take the risk and build new capacity and overseas companies must invest in the huge opportunities present in the country, CII president Shobana Kamineni said in a statement.
She was speaking at the CII Annual Session 2018 in New Delhi.
Kamineni also stressed that it is time for industry to invest, given the improvement in domestic and global gross domestic product (GDP), the industry body said.
“In India, industry’s research and development spending is too low at 0.3 per cent of GDP and large and small companies must set aside a proportion of profits to invest in innovation,” she said in the statement.
Kamineni has outlined a five-point agenda for the industry to build a better India. She strongly urged companies to do business ethically and transparently, the industry body said.
“We cannot have scams. Doing business responsibly is critical to the success of industry,” it added.
She also called for participation of women in the industry.
Kamineni also requested the government for widening of tax base through lowering of corporate income tax, better allocation of resources and right pricing and deregulation of labour laws.