The finance minister Nirmala Sitharaman pointed out in a written reply to Lok Sabha on Monday, that India’s strong fundamentals and the market size will continue to attract the market-seeking greenfield investments.
By estimating the World Investment Report of 2021, the Finance Minister mentioned that FDI inflows into India stand up by 25.4 percent to arrive at USD 64 billion in 2020, from USD 51 billion in 2019 and set off fifth top recipient in the world in 2020, up from the eighth position it holds in the previous year. Although the announced greenfield projects in India shrank by 19 percent in 2020, she added that this decrease is importantly lower than the 44 percent decrease in developing economies.
Then she added that as has been observed in comprehensive FDI inflows, India’s strong basics and market size will continue to attract the market-seeking greenfield investments. With concern to India’s contraction in the Gross Domestic Product (GDP) by 7.3 percent in 2020-21, she pointed out that this objects to the unique effect of the ‘once in a century’ COVID-19 pandemic and the confinement measures that were selected to control the impacts of the pandemic.
Then the basics of the economy persisted strongly as moderate scaling back of lockdowns and accompanying the sharp support of Aatmanirbhar Bharat Mission positioned the economy firmly on the way of retrieval and recovery from the second half of FY 2020-21. As per the World Bank’s Global Economic Prospects June 2021, she pointed out that, global growth for 2021 has been amended upward to 5.6 percent, higher due to the keen recovery in major economies managed by pursued vaccination and real fiscal support. India is anticipated to grow at a notably faster rate as to the global average growth.
The India Government is dedicated to bundle the pace and developing the extent of COVID-19 vaccination throughout the country. The average daily vaccination rate has increased to 41.3 lakh doses in June as to 19.3 lakh in May by the execution of the revised national COVID Vaccination Policy since June 21, 2021. Now it crossed the 38-crore mark in its increasing COVID vaccination coverage with 23 per cent of the population protected under the first dose and 5.6 per cent of the population completely vaccinated.
Then the Minister mentioned that the government declared a package of Rs 6,28,993 crore and it aims to boost the diverse sectors of the economy impacted by the pandemic. And it has declared a total of 17 measures in three categories: Economic Relief from the Pandemic, Strengthening Public Health and Impetus for Growth and Employment.