Work out strategies to draw global manufacturers to India: Finance Minister Sitharaman to industry
New Delhi (PTI): Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries.
India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said.
"As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India.
"Even as they are headquartered there, it might be useful for them to think of sourcing many things from here and producing from here at least for markets in this part of the globe," Sitharaman said at an event here.
She said the suspected long-drawn recession, which is likely to affect Europe, is not just going to affect exports by Indian businesses.
"It gives an opportunity for many of the investments which are there, which are now looking for a different place from where activities can continue to happen," she noted.
Asking the industry to look at innovations by startups and find ways to scale them, the minister said India will continue to focus on manufacturing and newer areas of services.
As the world transitions into clean energy, the domestic industry could face higher tariffs by the developed countries, Sithraman said.
She also asked India Inc to tell the government how climate change is affecting them and suggest ways to reduce the burden of cost falling on them.
The industry should prepare itself for tariff walls by some countries in the name of climate change, the minister added.
Talking about the upcoming Budget, she said it would follow the spirit of earlier Budgets to prepare India for the next 25 years.
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Torres scam amount rises to Rs 18.5 cr; promoters had elaborate gift scheme to lure investors
Mumbai, Jan 9: The promoters of Torres jewellery brand, which is being probed for allegedly running a ponzi scheme, promised cars, flats, gift cards and hampers to attract investors, a Mumbai police official said on Thursday.
Hundreds of investors have alleged that they have been duped and a probe into these allegations is being carried out by the Mumbai police's Economic Offences Wing (EOW).
The EOW team visited the brand's showroom in Dadar West during the day as part of investigations, the official said.
"The probe has found the promoters made a combination of ponzi and multi level marketing (MLM) schemes and had promised returns of 3 to 7 percent per week on investments. They promised lucrative returns to those who would spread the schemes and bring in more investors. While giving stones to investors, the promoters had earmarked gift cards, certificates, hampers and cars for them," he said.
"These items were kept for display in the Torres jewellery brand showroom in Dadar. We have recovered them along with stones. A huge amount of cash was also found and this is being counted," the official added.
Deputy Commissioner of Police Sangramsingh Nishandar, who is leading the probe, said the EOW will take all efforts to protect the interest of investors.
"We have opened a special cell at Shivaji Park police station so that those who invested money in the Dadar showroom can fill a form giving details of the money they put in these schemes as well as returns they received so far. Initially, there were 66 investors who had lodged complaints, and the amount was Rs 13.48 crore. This figure has increased to Rs 18.5 crore and is expected to rise further in the days to come," the DCP informed.
"The EOW has conducted searches at various places in connection with the probe. We have arrested three persons and are questioning them," he added.
Another official said EOW teams carried out raids in Colaba, Dadar and Dombivali and some other places and have confiscated important documents, investment papers as well as cash.
"Among the investors who were duped by the company was vegetable seller Pradeep Kumar Vaishya, who lost around Rs 4 crore in the scam. He had collected money from his kin and friends. Amid the probe, hundreds of new investors have approached police," this official said.
