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

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New Delhi: Commerce and industry minister Piyush Goyal on Tuesday said India is witnessing V-shaped recovery amid the Covid-19 pandemic and the country has seen a growth in foreign direct investment in the first nine months of FY21.

“India has been systematically opening up to global investors and encouraging businesses through strategic relationships, strengthening our economic plans for the future and introducing conducive reform and facilitation measures to encourage greater global involvement in our own V-shaped recovery that is there for all to see,” Goyal said at CII’s Partnership Summit 2020.

The minister said that FDI flows have been continuously growing and that in the April-September period, which is the first half, FDI inflows were about $40 billion, 13% higher than last year.

He said the government’s reform focus is on capital, labour, land and removing barriers to new businesses and that 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.

“Last we announced attractive tax rates, certainly they can’t match with the UAE, but otherwise attractive tax rates available anywhere in the world,” Goyal said.

At the same event, Guruprasad Mohapatra, secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said the recent economic indicators are encouraging.

“Indian economy was impacted by the pandemic and faced massive disruptions across all sectors. However, recent economic indicators are encouraging and hopes for a robust recovery,” he said.

Passenger vehicle sales grew for the fourth straight month in November while factory output expanded for the second consecutive month in October to touch an eight-month high.

Mohapatra said a series of reforms have been undertaken by the government during the Covid-19 pandemic period at the centre of which has been the vision of Atmanirbhar Bharat.

“The focus has been ramping up domestic manufacturing while ensuring that India becomes largely integrated with global value chains. We are identifying champion sectors with the industry,” he said.

The secretary said that a Production Linked Incentive has been given for ten new sectors while the Remission of Duties and Taxes on Exported Products (RoDTEP) will make Indian exports more viable.





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