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India will continue to attract high foreign investments: Piyush Goyal

Commercial and Industry minister, pastor Piyush Goyal on Saturday expressed confidence that India will continue to attract high foreign direct investment (FDI) in the current financial year.

He said India received the highest ever FDI in 2020 due to the impact of Covid, in contrast to the decline in investment flows globally.

In the period 2020-21, foreign direct investment (FDI) into the country increased by 19% to $59.63 billion. Total FDI, including equity, reinvested income and capital, increased 10% to $81.72 billion in 2020-21 from $74.39 billion in 2019-20.

“This year, we are very confident that we will continue our seven-year streak of historic highs in Foreign investment, ” Goyal said at the CII-Horasis India Meeting webinar.

Similarly, he said, India’s exports are also recording healthy growth and will reach $400 billion by the end of the current financial year.

In the July 1-21 period, exports surpassed $22 billion and are “ready to surpass $32-33 billion by the end of the month (July), meaning our operating pace is on track to meet our target.” export $400 billion for the first time ever”.

Furthermore, he said that currently India is negotiating with 16 countries including UK, EU, Australia, Canada and UAE for trade agreements.

With a number of countries, India is working to get early harvest arrangements that will allow it to quickly identify areas of mutual interest and progress negotiations more quickly towards an agreement on rice production. comprehensive economic cooperation, or FTAs, the minister said.

“We’ve focused our efforts on some very promising deals where I can clearly see huge comparative advantages for India’s market access and ability to trade both goods and services in a unique way. much larger. UK, EU, Australia, Canada UAE are countries where we can rapidly expand our discussions and commitments,” he added.

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

Under such arrangements, the two trading partners significantly reduce or eliminate import duties/customs on the maximum quantity of goods traded between them.

Speaking of vaccinations, he said the government had allowed the private sector to buy 25% of the Covid-19 vaccine but they did not.

“CII should take the lead and ask all of you to make sure you get that 25% of the vaccine… Some industry groups say we’re going to do one vaccination… No one’s been to Bihar, North yet… East, Jharkhand to run campaigns to eliminate vaccine hesitancy,” he said.

https://economictimes.indiatimes.com/news/economy/finance/india-will-continue-to-attract-high-foreign-investments-piyush-goyal/articleshow/84705078.cms | India will continue to attract high foreign investments: Piyush Goyal

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