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Updated July 24th, 2021 at 19:40 IST

Clear indications of economic revival in India, FDI inflows highest: Piyush Goyal

Commerce and Industry Minister, Piyush Goyal asserted that FDI has been the highest in seven years in India despite COVID-19 disruptions

Reported by: Kamal Joshi
Piyush Goyal
Image: PTI/Unsplash | Image:self
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Commerce and Industry Minister Piyush Goyal, on Saturday, said that despite the COVID-19 pandemic disruptions, there are clear indications of economic revival in India. Addressing the Plenary Session of Confederation of Indian Industry (CII) and think tank Horasis India Meeting 2021, Goyal informed that exports are going up and Foreign Direct Investment (FDI) inflows are the highest in seven years. He also noted that startups are playing a key part in the country's transformation. 

In 2020-21, FDI into the country expanded by 19% to $59.63 billion. Today, the total FDI, including equity, re-invested earnings and capital, jumped by 10% to $81.72 billion. In 2019-20, the total FDI was $74.39 billion. "This year, we are very confident that we will continue this streak of seven continuous years of historic highs in our foreign investments," Goyal said.

 "Indian industry is indeed on a growth path," the 57-year-old said adding that "highest ever merchandise have been logged for exports in a quarter (Q1 2021-22, $ 95 bn) in history of India (+18% than Q1 of 2019-20)."

The minister further said that India is the preferred destination for industry, investment, and innovation. "This situation has arisen as a result of consistent efforts to bring structural changes in the last seven years. Some of these key changes include large-scale Digitisation, modernisation, Simplification, and Facilitation," Goyal said.

He stated that the economic transformation is due to the growth-centric reforms brought by the PM Modi government. Goyal also asserted that "Indian Industry must rest on strong foundations of Quality, Productivity and Economies of Scale."

Talking about vaccination, Goyal said the Modi government had already permitted the private sector to procure 25% COVID-19 vaccines but they are not buying. "CII should take a lead and get all of you to ensure that you take that 25% vaccine. Some industry groups said we will do one crore vaccinations...Nobody has gone to Bihar, North East, Jharkhand to run campaigns to remove vaccine hesitancy," he said.

Startups playing a key role in India's transformation: Goyal

Taking about the new generation companies, Piyush Goyal said that there is a new place in the startups in the country. "There is a new energy in our startups' space. In just the first six months of 2021, India has been to see 15 more unicorns," he said, adding that they are playing a key role in India's transformation.
 

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Published July 24th, 2021 at 19:40 IST

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