India emerged investment destination of choice: Commerce Minister

New Delhi, 15 Nov (KNN) The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that the exports of goods and services are at historical high.

He said this while inaugurating the 40th the India International Trade Fair (IITF) in New Delhi on Sunday, communicating that the India is a trusted global partner in maintaining global supply chains.

“Despite the lockdown, India did not default on any service support to the global community. It has been witnessing historic high of FDIs. Highest ever FDI in first 4 months. It's 62 % higher than same period last year. IITF will show India is back in business,” he added.

He listed five major Sutras of Bharat i.e. Economy, Exports,  Infrastructure,  Demand  &  Diversity and said that IITF will push the mission of Aatma Nirbhar Bharat and shall encourage the idea of Vocal for Global.

Commerce Minister Goyal said there was highest ever FDI inflow USD 27 bn during first 4 months of  FY  21-22,  over 62%  over  same  period  in  FY  20-21, highest ever exports: Merchandise exports in Apr-Oct 2021 was USD 232 bn (+54% over Apr-Oct 20 & +25% over  Apr-Oct  19).

He mentioned that the international rating agency Moody’s upgraded India’s sovereign rating outlook to  ‘Stable’  from  ‘Negative’.

Moreover, GST collections  surged  to INR 1.3  lakh  crore in  October, INR 1.25L  crore retail  sales during  Diwali, Manufacturing  PMI rose to  55.9  in  October, Service  PMI reached  a decade  high of  58.4  last month. India has now become “The destination” for investments, with  its  investor  friendly, he said.