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Clear signs of economic recovery, confident in high exports, FDI: Piyush Goyal

Commerce and Industry Minister Piyush Goyal said on Saturday that there were clear signs of India’s economic recovery, with India achieving $ 400 billion in commodity exports this year, in addition to attracting high foreign direct investment (FDI) in 2010. He said he was on track to do so.

At the CII-Horasis India Meeting, he also said India is currently in talks on trade agreements with 16 countries, including the United Kingdom, EU, Australia, Canada and the United Arab Emirates.

In some countries, India is working on early harvest agreements, which will allow countries to quickly identify areas of mutual interest and more quickly negotiate for a comprehensive Economic Partnership Agreement (FTA). You can proceed.

“We are focusing on some very promising agreements, and we can clearly see the great comparative advantage that India can access the market and trade both goods and services in a much larger way. The United Kingdom, the EU, Australia, Canada and the United Arab Emirates are countries where we can expand discussions and involvement very quickly, “he added.

Goyal said India received the highest FDI ever in the 2020 Covid-19 hit, in contrast to the shrinking global investment inflow.

In 2020-21, FDI to the country increased by 19% to $ 59.63 billion. FDI, including equity, reinvestment income and capital, totaled $ 81.72 billion in 2020-21, up 10% from $ 74.39 billion in 2019-20.

“This year, we are very confident that we will continue this record high for seven consecutive years in foreign investment,” Goyal said.

Similarly, India’s exports have recorded healthy growth, reaching $ 400 billion by the end of this fiscal year, he said.

Between July 1st and 21st, commodity exports exceeded $ 22 billion and “we are ready to exceed $ 32-33 billion by the end of the month (July). That is, our occupancy rate is the first time. We are on track to reach our $ 400 billion export target. So far.

On the vaccination issue, Goyal said the government allowed the private sector to procure 25% of the Covid-19 vaccine, but did not buy it.

“CII needs to take the lead and ensure that 25% of the vaccine is available … Some industry groups say they will be vaccinated with one carol … Northeastern Jharkhand. No one has gone to the department’s Bihar to run the campaign. Get rid of the vaccine hesitation, “he said.

Clear signs of economic recovery, confident in high exports, FDI: Piyush Goyal

Source link Clear signs of economic recovery, confident in high exports, FDI: Piyush Goyal

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