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Goyal invites foreign investors to be a part of India’s growth story
New Delhi, December 15, 2020
Union Commerce & Industry Minister Piyush Goyal today invited foreign investors to be a part of India’s growth story saying that the country has one of the most facilitative Foreign Direct Investment (FDI) policies in the world.
Addressing the inaugural session of CII's Partnership Summit 2020 on a virtual platform, the Minister said India has been systematically opening up new sectors of the economy to global investors. By encouraging businesses through strategic relationships with different investment partners, economic plans were being strengthened for the future, he said.
Goyal said FDI 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%. Last year, we announced one of the most attractive tax rates available anywhere in the world at 22% tax for businesses in India and 15% tax for new manufacturing facilities set up after October 2019,” he added.
Goyal said several new schemes have been introduced including a Production-Linked Incentive Scheme to attract industries to come to India. “We have investment promotion cells in all the ministries. The 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.
“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 Narendra Modi is crafting for the people of India,” he added.
Dwelling on the theme of the summit, which is about partnerships for lives, livelihoods & growth, Goyal said it will help all in the joint endeavour to get the economies back on the growth path and encourage new opportunities.
“Our aim is not only to grow sustainably at high levels but achieve the target of becoming a $5 trillion economy by 2025. Historic reforms in different sectors will hold the country in good stead in our effort to improve the prosperity levels of the people. India does not wish to miss the sunshine that it is blessed with. We believe that in the new world, there will be new thinking, new growth opportunities. Alone, we can accomplish little but together our reach may exceed beyond anyone's imagination. This is the time to be in India, this is the time to expand your presence and investments. India is a land of opportunities,” he added.