EY’s India Attractiveness Survey 2015 at New York

“Bengaluru No. 1 place on EY’s India Attractiveness Survey 2015”

Sri RV Deshpande, Minister for Large & Medium Industries and Tourism, Government of Karnataka released EY’s India Attractiveness Survey 2015 report at New York this evening.

Addressing a gathering of industry captains, Minister Deshpande said that it is a great honor to release a report on India, on foreign soil. He highlighted the several steps being taken by Government of India on ease of business, physical and digital infrastructure and taxation. He specifically spoke of the steps initiated by Government of Karnataka to decongest Bengaluru and disperse industry to tier 2 and tier 3 cities.

Mr. Deshpande is leading a high level delegation to USA and France as a precursor to Invest Karnataka 2016 Global Investors Meet scheduled at Bengaluru in February next year.

The EY report observes that international corporations with a presence in India are far more optimistic about the country’s prospects than those who are not yet established in the country. A whopping 32% of the respondents said that India is the most attractive place for investments in the next 3 years. India has already emerged as the No. 1 FDI destination globally with capital inflows of US$ 30.8 Billion in 2014.

The Government’s flagship programs Make in India and Digital India have had a positive impact on investor sentiment. Make in India has gained considerable momentum and industry is a lot more optimistic about its success than about a year ago. 62% of those interested to expand or enter India over the next year, say that they plan manufacturing activities in the country.

Further, Bengaluru ranks as the most attractive destination for investments besides attracting the most FDI among Indian cities followed by Mumbai and Delhi NCR region.

The report goes on to suggest steps required to be initiated by Governments to further boost the economy such as investments in infrastructure, easing the complex tax regulations, improving ease of business environment, implementing important policies such as GST among others. Actions have also been suggested for businesses to leverage their presence in India.

About 500 senior executives responded to the survey conducted by the emerging markets vertical of EY.

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