At the height of the COVID-19 pandemic, during the first nine months of the year, the country attracted $40 billion in foreign direct investment which was up by about 13 per cent, Commerce and Industry Minister, Piyush Goyal said at CII's Partnership Summit 2020 through virtual means. "During the first nine months of this year, at the peak of COVID-19 pandemic, our FDI has grown. We have one of the most facilitative FDI policies in the world. During the April-September period, FDI inflows were at $40 billion, which has been higher than last year by about 13 per cent,'' Mr Goyal said.
FDIs into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Mr Goyal, said on Tuesday, December 15, while he welcomed foreign investors, assuring them assistance, partnership, and involvement for business opportunities in the country. Mr Goyal said that India has been systematically opening new sectors of the economy and encouraging businesses through strategic relationships with different investment partners and strengthening the economic plans for the future.
FDI flows in India have been continuously growing.— Piyush Goyal (@PiyushGoyal) December 15, 2020
Even during the first 9 months of this year, at the peak of pandemic, FDI has grown.
During April-September period, FDI inflows were at about $40 billion, which is higher than last year by about 13%
''Last year, we announced one of the most attractive tax rates available anywhere in the world at 22 per cent tax for businesses in India and 15 per cent tax for new manufacturing facilities set up after October 2019,'' he added.
Mr Goyal explained that several new schemes have been introduced including production-linked incentive scheme to attract industries to the country.
"We have investment promotion cells in all the ministries. Central government and states are working together to attract and promote investments even before the onset of the pandemic, India was rapidly announcing a slew of reform measures aimed at improving the economy and productivity levels in the economy,'' he said.
He added that the country is introducing conducive reforms and facilitation measures to encourage greater global involvement in the V-shaped economic recovery. Mr Goyal also said that 100 percent FDI is allowed through automatic route in almost all sectors. For certain sectors such as media, telecom, pharmaceuticals and insurance, approval from the government is required for foreign investors.