New Delhi: India attracted a “record” of foreign direct investment in the past seven years and trends are expected to continue in the coming years also because of the main structural reforms carried out by the government, trade and Minister of Industry Piyush Goyal said on Tuesday.
He also said that India focuses on integrating its quality standards with the world and the state need to release certain product mindset for the domestic market and others for the export market.
“The last seven years, we have seen FDIS recordings (direct foreign investment).
I hope to see that continuing, seeing the main structural reform is being carried out.
Pick up in this economic activity is here to stay and the future looks very bright,” he said In the Body Industry Cii’s National Conference about MNCS 2021.
FDI’s inflows to the country rose 62 percent to $ 27 billion during the April-July fiscal period.
In the free trade agreement (FTA), the minister said India was negotiating the pact with countries, including UAE, Australia, England, the European Union (EU), Israel, and GCC (Gulf Cooperation Council).
“We will have the FTA with the UAE in the upcoming 60-100 days, the temporary agreement with Australia may be around the same time.
With the EU, the work must be immediately started (US) they have just pointed to the main negotiators and we are trying to start.
With Canada, “He said.
Goyal appealed to MNCS (Multi National Corporations) to use India as a manufacturing base because they can capture the whole world from India.
“Hopefully you continue to grow, get a new business, recruit in India and bring international talents here,” he said, adding that on a single window permit platform, more countries will come.
Under FTA, two trading partners reduce or eliminate customs for the maximum number of goods traded between them.
In addition, they liberalize the norms to increase trade trading and increase investment.