New Delhi: Trade and Minister of Industry Piyush Goyal on Saturday expressed confidence that India will continue to attract high foreign direct investment (FDIS) in the current financial year.
He said India had received the highest FDI in Covid – affected by 2020, in contrast to depreciation in investment inflows globally.
In 2020-21, FDI to the country grew by 19 percent to $ 59.63 billion.
Total FDI, including equity, reinvesting income and capital, up 10 percent to $ 81.72 billion for 2020-21 by opposing $ 74.39 billion in 2019-20.
“This year, we are very confident that we will continue the seven-year continuous stream of historic in our foreign investment,” said Goyal at the Indian CII-Horisis Meeting Webinar.
Likewise, he said, Indian exports also recorded healthy growth and will reach $ 400 billion at the end of the current financial year.
During July 1-21, export across $ 22 billion and “ready to pass $ 32-33 billion at the end of the month (July), which means the running rate is on track to reach $ 400 billion in export targets for the first time”.
Furthermore, he said that currently India is in talks with 16 countries including the UK, EU, Australia, Canada and UAE for trade agreements.
With some countries, India works for the initial harvest agreement that will enable the state to quickly identify the fields of shared interest and negotiating progress faster towards a comprehensive economic partnership agreement, or FTA, the Minister said, said Minister said.
“We have focused our efforts on some very promising agreements where I can clearly see a large comparative advantage for India to get market access and the ability to trade both in goods and services in a much larger way.
Britain, EU, Australia, Canada, UAE is a country that we can very quickly expand our discussion and involvement, “he added.
India has looked at the FTA with several countries, including Japanese members, South Korea, Singapore and ASEAN.
In the agreement, two trading partners significantly reduce or eliminate import duties / customs in the maximum number of goods traded between them.
Speaking of vaccination, he said the government had allowed the private sector to get 25 percent of the Covid-19 vaccine but they did not buy.
“CII must lead and make you all to ensure that you take a 25 percent vaccine …
Some industry groups say we will do one crore vaccination …
no one goes to Bihar, Northeast, Jharkhand to run the campaign to remove doubts Vaccine buds, “he said.