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Commerce and Industry Minister Piyush Goyal (Photo: Mint)
Commerce and Industry Minister Piyush Goyal (Photo: Mint)

India witnessing V-shaped recovery, high FDI growth, says Piyush Goyal

FDI inflows into India have been continuously growing. Even during the first nine months of this year, at the peak of the COVID-19 pandemic, our FDI has grown and we have today one of the most facilitative and congenial FDI policies in the world, Piyush Goyal said

NEW DELHI : Foreign direct investments (FDIs) into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said that during April-September 2020, FDI increased 13% to about $40 billion.

"FDI inflows into India have been continuously growing. Even during the first nine months of this year, at the peak of the COVID-19 pandemic, our FDI has grown and we have today one of the most facilitative and congenial FDI policies in the world," he said at CII's Partnership Summit 2020.

The minister said that 100% FDI is allowed through automatic route in almost all sectors.

For certain sectors such as telecom, media, pharmaceuticals and insurance, government approval is required for foreign investors. There are nine sectors where FDI is prohibited and that are lottery business, gambling and betting, chit funds, Nidhi company, real estate business, and manufacturing of cigars, cheroots, cigarillos and cigarettes using tobacco.

Under the government approval route, foreign investors have to take prior approval of the respective ministry/department. Through the automatic approval route, the investor just has to inform the RBI after the investment is made.

Further, the minister invited investors to invest in India as the country holds opportunities in several areas.

"India is a land of opportunities. I invite you to board the bus of development, growth and prosperity...We welcome you with open arms, a red carpet and assure you our complete assistance, partnership and involvement through your journey in this land of opportunities," he added.

Speaking at the summit, Ville Tapio Skinnari, Finland's Minister for Development Cooperation and Foreign Trade, said: "I would like to encourage India to continue on the path for deeper economic reforms and open economy".

On the proposed free trade agreement between India and the European Union, Skinnari said both sides should set a time for a high-level dialogue to discuss differences about the pact as soon as possible.

"For the European Union, the most topical issue is investment protection. An agreement would greatly add to the predictability of the Indian business environment and contribute to economic growth," he added.

The proposed trade pact between the two sides has been stalled since May 2013 as both sides have yet to iron out differences over several issues.

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