The Minister of Trade and Industry, Piyush Goyal, on Saturday stated that his confidence that India will remain to attract foreign exchange (FDI) in the current fiscal year. He said that India is facing the maximum level of FDI in 2020, Covid said in addition to declining global investment.
In 2020-21, FDI growth will increase by 19% to $ 59.63 billion. Foreign investment, including expenditure, reinvestment, and capital, increased by 10% to $ 81.72 billion in 2020-21, compared to $ 74.39 billion in 2019-20.
Goyal said that “This year, we are confident that this seven-year series of high levels will continue in our foreign investment,” at the CII-Horasis India Conference webinar.
Likewise, he said, India’s exports are also registering healthy growth and will reach $400 trillion by the end of this financial year.
During the period from July 1st to 21st, exports surpassed US$22 billion and are expected to exceed US$32-33 billion by the end of the month (July), which means that our estimate is on track to reach US$400. billion in exports for the First Time”.
In addition, he also mentioned that India is currently in talks with 16 countries including the UK, EU, Australia, Canada, and UAE for trade agreements.
The minister said that along with other countries, India is occupied towards initial harvest agreements that will allow the country to swiftly identify areas of mutual interest and move quickly towards negotiations for final economic partnership agreements, or FTAs.
“We focused our efforts on the most important agreements that allowed me to see much better comparisons for India to gain market access and capacity for all products and services in a much broader way.”
Under these agreements, two trading partners significantly reduce or eliminate import/consumption taxes on the maximum amount of goods sold between them.
Speaking of vaccines, he said, the government allowed private investors to buy 25% of Covid-19’s vaccines, but they didn’t buy them.
“The IIC must take the lead and urge all of you to ensure that 25 percent of vaccinations are done… Some groups said we will do a vaccination… Nobody went to Bihar, Northeast, Jharkhand to make efforts to eliminate delays in vaccination, “he said.