"Those who go in early would have an advantage," Ashwani Kumar, minister of state for commerce and industry said addressing a gathering of more than 150 CEOs, entrepreneurs and businessmen at a breakfast meeting organised by the prestigious Asia Society.
The minister pointed out that the foreign companies that have set up establishments in India have never lost money and many of them are seeking to expand their activities in a big way.
Admitting that infrastructure needed to be improved, he pointed out that the government plans to spend $150 billion over next 7 to 10 years including $22 billion in the power sector.
Besides undertaking major expansion in power production, Kumar said, India was also modernising airports and sea ports to sustain the manufacturing sector.
Asked about reforms in the labour laws, the minister said that they would be made investor-friendly though they might not go the extent of "indiscriminate hiring and firing."
"No country allows that," he said. The regulations, which hinder investment or create problem for the investors have been reformed and whatever lacunae remain would be removed.
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