India has strong economic fundamentals and is likely to attract multinational corporations which are keen to shift manufacturing bases from China in the wake of coronavirus pandemic, Information and Broadcasting Minister Prakash Javadekar on Saturday.
"There is a tremendous opportunity for India and we have to make efforts to seize that opportunity," he said. "All big companies are welcome to India. The country has 150 mobile phone manufacturing units now as compared to two about six years ago."
Even personal protective equipment and ventilators are being made within the country. Javadekar said India has a huge domestic market with sound macro-economic indicators.
"All the industries will start after the lockdown ends. The foundation of the Indian economy is strong. Secondly, there is a lot of internal demand," said the minister a day after the Ministry of Home Affairs extended the COVID-19 lockdown for two weeks till May 17.
Javadekar stated that the central government has made elaborate arrangements for migrant workers, including the availability of buses and trains. He said there will not be any major job losses due to the COVID-19 lockdown.
Earlier, Javadekar said the Central government had announced a relief package for poor and migrant workers besides free cylinders under the Ujwala Scheme.