FDI worth three lakh crores in six months amid Corona epidemic
During the six months of the Corona epidemic, the country received $40 billion (about Rs 2.95 lakh crore) of foreign direct investment (FDI), which is 13% higher. Commerce and Industry Minister Piyush Goyal said on Tuesday that despite the epidemic in the first nine months of this year, FDI in the country has steadily increased due to policies attracting foreign investors. It has grown by 13 percent during April-September 2020.
In CII’s Partnership Summit -2020, he said that today our FDI policy is one of the most convenient and favorable policies in the world. India is a land of opportunities. I invite you to join the ‘bus’ of development, growth and prosperity. We will welcome you with open arms and a red carpet. We assure you of full support, partnership and participation during your journey in this land of opportunities.
100 percent foreign investment allowed
Goyal said 100% FDI has been allowed in almost all the sectors through the automated route. Government approval is required for foreign investors to invest in certain sectors like telecom, media, medicine and insurance. In addition, there are nine areas such as lottery business, gambling, betting, chit fund, fund company, real estate and tobacco-cigarette business where FDI is still banned.
Congratulations to India for deep economic reforms: Finland
At the summit, Finland’s foreign trade minister Ville Tapio Skinnari said that there is no dearth of opportunities in India. I would like to encourage India to move forward with deep economic reforms and an open economy. On the proposed free trade agreement between India and the European Union, the two sides should set a time for high-level negotiations so that differences regarding the agreement can be discussed at the earliest. This agreement will improve the Indian business environment rapidly, which will also have an impact on the economy.
S&P improves economic growth rate estimates S&P Global Ratings on Tuesday improved India’s economic growth forecast for 2020-21 to (-) 7.7 percent. Earlier, it had forecast a 9 percent decline in the economy. The rating agency said it revised the estimate due to rising demand in the economy, a decline in the rate of corona infection and a faster-than-expected recovery in the September quarter.
The S&P has forecast an economic growth rate of 10 percent during 2021-22. Sean Roche, chief economist (Asia-Pacific), S&P Global Ratings said, India is learning to live with the virus. On the lines of most of the economies of Asia-Pacific, manufacturing in India is also improving rapidly. India’s GDP declined 7.5 percent in the July-September quarter, while it fell 23.9 percent in the April-June quarter.
