While inviting the participation of foreign investors into India’s economy, Union Minister Piyush Goyal on Tuesday said during April-September period, the country received FDI inflows worth $40 billion.
Addressing the inaugural session of CII’s Partnership Summit 2020, through virtual means, Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Goyal invited foreign investors to be a part of India’s growth story.
The Minister said continuing on an open path, India has been systematically opening up new sectors of the economy.
He said that FDI (Foreign Direct Investment) flows in India have been continuously growing.
“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 are at $40 billion, which has been higher than last year by about 13 per cent,” he said.
“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.”
Besides, Goyal cited that a number of new schemes have been introduced, including ‘Production-Linked Incentive’ scheme to attract industries to come to India.
“We have investment promotion cells in all the ministries. Central government and the 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.
“India is introducing conducive reforms and facilitation measures to encourage greater global involvement in our V-shaped recovery. I invite you to board the bus of development, growth and prosperity that Prime Minister Shri Narendra Modi is crafting for the people of India,” said Goyal.