Malaysian Investors Should Capitalise On Opportunities Laid Out In India's Budget

By Sankara Subramaniam Venkatachalam KUALA LUMPUR, March 1 (Bernama) -- Malaysian investors should capitalise on the investment opportunities laid out in India's Budget 2022-23, Consortium of Indian Industries in Malaysia (CIIM) chairman Umang Sharma said. He said various opportunities, particularly in the road transport, solar equipment manufacturing and electronics sectors awaited Malaysian investors. Under the road transport segment, Indian national highways will be expanded by 25,000km during the 2022-23 period, with the national roadway development programme adopting the public-private partnership model. “Hundreds of cargo terminals for multimodal logistics will be developed during the next three years as announced in the budget and this provides a great opportunity for Malaysian infrastructure businessmen seeking to become globally competitive. “The increase in public expenditure as announced in the Indian national budget will help speed up infrastructure development, create demand and shore up economic growth,” he told Bernama when commenting on investment opportunities available for Malaysian businessmen under India's Budget tabled by Finance Minister Nirmala Sitharaman on Feb 1. India's Budget 2022-23 outlines four key priorities, Gati Shakti or National Master Plan for multi-modal connectivity plan, inclusive development, sunrise opportunities, energy, and climate. The measures announced under each of these areas carry the potential of growing India’s economy from the current size of US$3 trillion (US$1=RM4.19) to US$5 trillion by 2026-27 and further to US$9 trillion by 2030-31. India’s economic growth in the current year is estimated at 9.2 per cent, the highest among all the largest economies. Sharma, an Indian national based in Malaysia, said Malaysia being a major hub for solar equipment manufacturing and one of the biggest manufacturers of solar panels could take advantage of the incentives announced such as the manufacturing of high-efficiency solar photo-voltaic (PV) modules in the republic. “Customs duty rates in India will be calibrated to facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters. This will help Malaysians in the electronics sector invest in India,” he added. Sharma said the capital extensive and growth-oriented budget provides ample opportunities for Malaysian businessmen to expand their businesses, adding that CIIM is willing to extend all the support needed to Malaysians to capitalise on the opportunities. -- BERNAMA