New Delhi: Fundamental and Indian Market Size will continue to attract the Greenfield investment in the market, Finance Minister Nirmala Sitharaman said in a written reply for Lok Sabha on Monday.
Citing World Investment Report 2021, the Minister of Finance said that FDI’s entry flow to India rose 25.4 percent to $ 64 billion by 2020, from $ 51 billion in 2019, becoming the fifth largest recipient in the world in 2020, up from the eighth position held Previous year.
However, Greenfield projects announced in India contracted 19 percent by 2020, he said adding that this decline was significantly lower than a decline of 44 percent in developing countries.
“As a whole witnessed FDI, fundamental and strong indian market sizes will continue to attract Greenfield investment looking for the market,” he said.
With regard to the contraction of India in Gross Domestic Product (GDP) of 7.3 percent in 2020-21, he said this reflects the unmatched effect of Covid-19 ‘pandemic once in a century’ and the detention steps taken to control pandemics.
The basics of the economy remained strong as a gradual scenery of locking, along with the clever support of the Aatmanirbhar Bharat mission placing a strong economy on the recovery path from the second half of 2020-21, he added.
According to the global economic outlook for the World Bank 2021, he said, global growth for 2021 has been revised up to 5.6 percent, mostly due to a sharp rebound in a large economy driven by sustainable vaccination and substantial fiscal support.
India is expected to grow at a rate that is much faster than global average growth.
The Indian government is committed to accelerating the steps and expanding the scope of Covid-19 vaccination throughout the country, he said, adding, the average daily vaccination rate has doubled to 41.3 lakh doses in June compared to 19.3 lakh in May, After the implementation of the Covid National Revised Vaccination Policy since June 21, 2021.
India has now crossed a 38-crore sign in the coverage of cumulative covid vaccination with 23 percent of the population covered in the first dose and 5.6 percent of the population that is fully vaccinated.
, he added.
The Indian government on June 28, 2021 announced the stimulus package of RS 6.28,993 Crore, the Minister of Finance said in another reply.
This package aims to increase a variety of economic sectors that are influenced by the Pandemic Covid-19, he said, adding, the government has announced a total of 17 steps in three broad categories – economic assistance from pandemics, strengthening health and public encouragement for growth.
and work.
The Minister of Finance further said that CPI-combined inflation in June 2021 was 6.26 percent, such as against the average inflation of CPI’s combination of 6.16 percent during 2020-21.
Fuel weight such as gasoline, diesel, and other fuels in total CPI-combined only 2.52 percent, he said.
Replying to another question starring, Sitharaman said the wages of officers and other employees of the Indian life insurance company have been revised with the effect of August 1, 2017.