Foreign Direct Investments jump to 12.1 billion dollars in May, says Commerce Minister
New Delhi, Aug 24 (KNN) Union Commerce and Industry Minister Piyush Goyal has said that the economy is on a path of revival and India received the highest ever FDI inflow in 2020-21.
He was speaking during an interaction with the industry associations to discuss the measures to enhance and increase exports on Monday.
''It surged by 10 per cent to 81.72 billion dollars from 74.39 billion dollars (2019-20) and FDI during May’ 21 is 12.1 billion dollars i.e. 203 per cent higher than May’20 & 123 per cent higher than May’19. From EoDB to Exports and from Startups to Services, India is taking giant leaps in each sector,'' he said.
Goyal in his address also said that this interaction will create a roadmap to build a vibrant & robust industry ecosystem. He appreciated the selfless spirit of all Industry Associations during COVID-19.
''With collective will, agility & synergies we turned a ‘Crisis into an Opportunity, as the Merchandise exports for first 2 weeks of Aug’21 up by 45 per cent over 2020-21 & up 32 per cent over 2019-20 and Merchandise exports for 1 Apr - 14 Aug’ 21 up by 71 per cent over 2020-21 and up 23 per cent over 2019-20,'' he added.
Goyal further added that it is also time to reflect on how to achieve future targets. He said that India’s average applied import tariff dropped to 15 per cent in 2020 from 17.6 per cent in 2019, sharpest annual fall in about a decade and a half and our applied tariffs are way below the bound rate of 50.8 per cent (permissible limit under the WTO), with a positive momentum, India is working in mission mode to achieve target of 400 billion dollars merchandise exports in 2021-22.
Speaking about employment, the Minister said that more than 54,000 start-ups were providing ~ 5.5 lakh jobs, and more than 20 lakh jobs will be created by 50,000 new start-ups in the next 5 years. He said, it is time for our Industry to expand our capacity, capability & commitment to develop resilient global supply chains.
''Our relentless efforts are a testament to the world of our potential and India’s ability to scale and our Industries have truly inculcated the spirit of “Sabka Sath, Sabka Vikas, Sabka Viswas, Sabka Prayas”, he added.
Commenting on Prime Minister’s clarion call on 6th August, 2021 “Local goes Global: Make in India for the World”, he said Quality, Productivity, & Efficiency, will make our export basket Bigger, Better & Broader and Transforming Industries & Transforming Lives through Initiatives.
Goyal also spoke about Incentivising Manufacturing and he said that Government's focus will be on PLI worth Rs 1.97 Lakh crore to 13 sectors in next 5 years, Focus on 24 sectors to attract investment, one-stop digital platform to facilitate businesses through Investment Clearance Cell (ICC), One District One Product under which creating a pool of 739 products from 739 districts, India Industrial Land Bank for providing a GIS-enabled database of industrial areas, he said that Centre expects that Indian Industry should suggest areas for intervention through research, handholding of exporters/manufacturers, deeper engagement with States, greater engagement with Missions, etc.
In his concluding remarks, Goyal said that “The key to success is to focus on goals, not obstacles”.
''He said that Indian industry through their conviction & commitment have demonstrated to the world that we can rise to any challenge and conquer it. Industry Associations will play a key role in developing a SAFE ecosystem i.e. Sustainable, Agile, Futuristic & Efficient to make India a Global Hub of manufacturing and together, we will achieve ‘Sarva Lok Hitam’ i.e. growth of industry with ‘Quality driven productivity’,'' he added.