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Foreign Direct Investment Grew 13% At Peak Of COVID-19 Pandemic: Piyush Goyal

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Foreign Direct Investment Grew 13% At Peak Of COVID-19 Pandemic: Piyush Goyal

100 p.c FDI is allowed by computerized route in nearly all sectors: Piyush Goyal

At the peak of the COVID-19 pandemic, in the course of the first 9 months of the yr, the nation attracted $40 billion in international direct funding which was up by about 13 per cent, Commerce and Industry Minister, Piyush Goyal stated at CII’s Partnership Summit 2020 by digital means. “During the first nine months of this year, at the peak of COVID-19 pandemic, our FDI has grown. We have one of the most facilitative FDI policies in the world. During the April-September period, FDI inflows were at $40 billion, which has been higher than last year by about 13 per cent,” Mr Goyal said.

FDIs into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Mr Goyal, said on Tuesday, December 15, while he welcomed foreign investors, assuring them assistance, partnership, and involvement for business opportunities in the country. Mr Goyal said that India has been systematically opening new sectors of the economy and encouraging businesses through strategic relationships with different investment partners and strengthening the economic plans for the future.

”Last year, we announced one of the most attractive tax rates available anywhere in the world at 22 per cent tax for businesses in India and 15 per cent tax for new manufacturing facilities set up after October 2019,” he added.

Mr Goyal explained that several new schemes have been introduced including production-linked incentive scheme to attract industries to the country.

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“We have funding promotion cells in all of the ministries. Central authorities and states are working collectively to draw and promote investments even earlier than the onset of the pandemic, India was quickly saying a slew of reform measures aimed toward bettering the financial system and productiveness ranges within the financial system,” he stated.

He added that the nation is introducing conducive reforms and facilitation measures to encourage larger international involvement within the V-shaped financial restoration. Mr Goyal additionally stated that 100 p.c FDI is allowed by computerized route in nearly all sectors. For sure sectors similar to media, telecom, prescription drugs and insurance coverage, approval from the federal government is required for international traders.



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