India receives record FDI in last 7 years; expect to see trends

India receives record FDI in last 7 years; expect to see trends

Commerce and Industry Minister Piyush Goyal on Tuesday said India has attracted “record” foreign direct investment in the last seven years and the trend is expected to continue in the coming years due to major structural reforms being undertaken by the government.

He also said that India is focusing on integrating its quality standards with the world and the country needs to drop the mindset of one particular product for the domestic market and other export market.

“In the last seven years, we have seen record FDI (foreign direct investment). I expect this to continue, given the major structural reforms. This boom in economic activity is here to stay and the future looks extremely bright,” He said at the National Conference on MNCs 2021 of industry body CII.

During the April-July period of the current fiscal, FDI inflows into the country grew by 62 per cent to $27 billion.

On free trade agreements (FTAs), the minister said that India is negotiating such agreements with countries including UAE, Australia, UK, European Union (EU), Israel and the GCC (Gulf Cooperation Council) group.

“We will do an FTA with the UAE in the next 60-100 days, an interim agreement with Australia probably around the same time. With the EU, work should start soon (because) they recently signed a major The negotiator has been appointed and we are working to start with Canada,” he said.

Goyal appealed to the multinational companies (MNCs) to use India as a manufacturing base because they can capture the whole world from India.

“Hope you continue to grow, get new businesses, recruit in India and bring international talent here,” he added.

Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they liberalize norms to promote trade and investment in services.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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