Indian Economy News

India will continue to attract high foreign investments: Piyush Goyal

Mr. Piyush Goyal, Commerce and Industry Minister, expressed optimism on Saturday that India will continue to attract large amounts of foreign direct investment (FDI) in the current fiscal year.

In the Covid-affected 2020, India had the greatest ever FDI inflows, despite a worldwide decline in investment inflows, he added.

FDI into the nation increased by 19% to US$ 59.63 billion in 2020-21. Total FDI, which includes stock, reinvested profits, and capital, increased by 10% to US$ 81.72 billion in 2020-21, compared to US$ 74.39 billion in 2019-20.

"This year, we are quite optimistic that we will maintain our seven-year record of historic highs in our overseas investments," Mr. Piyush Goyal said in a webinar hosted by the CII and Horasis.

Similarly, he stated that India's exports are growing steadily and are expected to exceed US$ 400 billion by the end of the current fiscal year.

Exports exceeded US$ 22 billion from July 1 to July 21, and they are "on pace to cross US$ 32-33 billion by the end of the month (July), which implies our run rate is on track to achieve US$ 400 billion in exports for the first time ever."

He also stated that India is presently negotiating trade deals with 16 nations, including the United Kingdom, the European Union, Australia, Canada, and the United Arab Emirates.

India is negotiating early harvest agreements with select nations, which will help the country to swiftly identify areas of common interest and move discussions toward complete economic partnership agreements, or FTAs, faster, according to the ministry.

"We have concentrated our efforts on a few prospective accords in which I see significant comparative advantages for India in terms of gaining market access and the capacity to trade in products and services on a larger scale. The United Kingdom, the European Union, Australia, Canada, and the United Arab Emirates are nations with whom we can swiftly extend our conversations and interactions " he further added.

Several nations, including Japan, South Korea, Singapore, and ASEAN members, have signed free trade agreements with India.

Two trading partners cut or abolish import/customs tariffs on the maximum quantity of products exchanged between them under such agreements.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.