Foreign Direct Investment Grew 13% At Peak Of COVID-19 Pandemic: Piyush Goyal
At the height of the COVID-19 pandemic, during the first nine months of the year, the country attracted $40 billion in foreign direct investment which was up by about 13 per cent, Commerce and Industry Minister, Piyush Goyal said at CII's Partnership Summit 2020 through virtual 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.
FDI flows in India have been continuously growing.
December 15, 2020
Even during the first 9 months of this year, at the peak of pandemic, FDI has grown.
During April-September period, FDI inflows were at about $40 billion, which is higher than last year by about 13%
???? https://t.co/OwZ5uQTjcP pic.twitter.com/jzjfO6ljQy
'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.
"We have investment promotion cells in all the ministries. Central government and states are working together to attract and promote investments even before the onset of the pandemic, India was rapidly announcing a slew of reform measures aimed at improving the economy and productivity levels in the economy,' he said.
He added that the country is introducing conducive reforms and facilitation measures to encourage greater global involvement in the V-shaped economic recovery. Mr Goyal also said that 100 percent FDI is allowed through automatic route in almost all sectors. For certain sectors such as media, telecom, pharmaceuticals and insurance, approval from the government is required for foreign investors.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
