Foreign investments

India will continue to attract significant foreign investment: Goyal

Trade and Industry Minister Piyush Goyal on Saturday expressed confidence that India will continue to attract high foreign direct investment (FDI) in the current fiscal year.

He said India received the most FDI on record during the Covid-hit period of 2020, unlike a contraction in global investment inflows.

In 2020-2021, FDI in the country increased by 19% to reach $ 59.63 billion. Total FDI, including stocks, reinvested earnings and capital, increased by 10% to reach $ 81.72 billion in 2020-2021, from $ 74.39 billion in 2019-20.

“This year, we are very confident to continue this streak of seven consecutive years of historic highs in our foreign investments,” Goyal said during the CII-Horasis India Meeting webinar.

Likewise, he said, Indian exports are also showing healthy growth and are expected to reach $ 400 billion by the end of the current fiscal year.

From July 1 to July 21, exports crossed $ 22 billion and are “on the verge of crossing $ 32-33 billion by the end of the month (July), which means our execution rate is on track to meet $ 400 billion in export targets for the very first time. “

In addition, he said that currently India is in talks with 16 countries including UK, EU, Australia, Canada and UAE for trade deals.

With some countries, India is working on early harvest agreements that will allow the country to quickly identify areas of mutual interest and move faster in negotiations towards a Comprehensive Economic Partnership Agreement, or FTA, the country said. Minister.

“We have focused our efforts on a few very promising deals where I can clearly see huge comparative advantages for India in gaining market access and the ability to trade both goods and services much more extensively. United Kingdom, EU, Australia, Canada, United Arab Emirates are countries with which we can very quickly broaden our discussions and our commitments “, he added.

India has signed FTAs ​​with several countries, including Japan, South Korea, Singapore and ASEAN members.

Under such agreements, two trading partners significantly reduce or eliminate import / customs duties on the maximum number of goods traded between them. Speaking of vaccination, he said the government has allowed the private sector to procure 25% of Covid-19 vaccines but is not purchasing.

“CII should take the lead and make all of you make sure you take that 25% vaccine … Industry group said we would make a crore of vaccinations … Nobody went to Bihar in the north -is from Jharkhand for campaigning. to eliminate the reluctance to vaccinate, ”he said. PTI RR MKJ

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