Commerce and Industry Minister Piyush Goyal on Tuesday, November 16, 2021, said India attracted record Foreign Direct Investment (FDI) in the last seven years and the trend is expected to continue in the coming years as well on account of important structural reforms being undertaken by the government.
Commerce and Industry Minister also said that India is focusing on integrating its quality standards with the world and the country needs to drop the mindset of a particular product being for the domestic market and others for the 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,” Union Minister said at the National Conference on MNCs 2021 of industry body CII.
During the April-July period of the current financial year, FDI inflows into the country increased by 62 per cent to $27 billion.
Commerce and Industry Minister Piyush Goyal also talked about Free Trade Agreements (FTAs). On FTA, the Commerce and Industry Minister said that India is negotiating such agreements with countries including UAE, the UK, European Union (EU), Australia, Israel and the GCC (Gulf Cooperation Council) group.
“We will have 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 as they have recently appointed a lead negotiator and we are working to start with Canada,” the minister said.
Union Minister Piyush Goyal appealed to the MNCs (Multi-National Corporations) to use India as a manufacturing base as they can capture the whole world from India. On the Single Window Clearance platform, more states will come on board, the minister added.
Under Free Trade Agreements, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they liberalize norms to boost trade and investment in services.
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