India must better communicate its successes to foreign investors: Rajiv Memani

Rajiv Memani, President of the Confederation of Indian Industry (CII)

India needs to communicate its successes more effectively to foreign investors, Rajiv Memani, President of the Confederation of Indian Industry (CII) and Chairman and CEO of EY India, said at Network18’s Reforms Reloaded summit on September 22.

“Foreign investors have done well in India. For me, swadeshi is when you create value in India—the parentage of companies doesn’t matter,” Memani noted, urging policymakers to shift perceptions of India as a difficult place to do business.

According to Memani, the government’s latest reforms go beyond what the industry had been seeking. “This is a far-reaching reform. CII has been requesting the government for action over the last year, but what has been presented is far more comprehensive,” he said, calling the move structural rather than just a rate reduction.

CII expects the measures to lift sentiment quickly. “We are very hopeful that it will lead to a positive investment climate, which has been mired due to geopolitical uncertainty,” Memani added. He stressed that fresh investments are essential for driving manufacturing growth and higher value addition across industries.

At a macro level, Memani acknowledged the government will need to explore more reforms. “India is probably operating at its lowest tax regime right now, thanks to simplification and reforms. Now is the time to look at sectoral issues,” he said.

Among the pressing challenges, Memani highlighted high power costs, limited private participation in electricity distribution, and restrictions in mining. He also called for a streamlined import strategy for critical equipment such as compressors and high-voltage transformers.

Against the backdrop of global economic uncertainty, Memani urged India to build greater value addition in industries and adopt a strategic approach to critical sectors. He also underscored the importance of diversifying trade relationships, pointing to recent free trade agreements and India’s expanding engagement with the Middle East as positive steps in that direction.