FDI climbs to $ 12.1 billion in May: Piyush Goyal
Foreign direct investment in the country is on the rise, reaching $ 2.1 billion in May this year, Trade and Industry Minister Piyush Goyal said on Monday.
He also said the government was working on a mission mode to meet the export target of $ 400 billion in 2021-2022.
“India received the largest inflow of FDI on record in 2020-2021. It jumped 10% to $ 81.72 billion and FDI in May 2021 was $ 12.1 billion, or 203 billion dollars. % more than in May 2020, “he said at a meeting of different industry associations on export promotion.
He said exports were growing healthy, and from August 1 to 14, outbound shipments increased 71 percent from 2020-21 and 23 percent from 2019-20.
According to the minister, India’s average applied import tariff fell to 15 percent in 2020 from 17.6 percent in 2019, and the country’s applied tariffs are well below the bound rate of 50.8 percent (Organization limit).
Speaking of jobs, he said that more than 54,000 startups provide around 5.5 lakh jobs and more than 20 lakh jobs will be created by 50,000 new startups over the next five years.
“It is time for our industry to expand our capacity, capacity and commitment to develop resilient global supply chains,” he said, adding that the Center expects Indian industry suggests areas of intervention through research, empowerment of exporters / manufacturers, and deeper engagement with states and missions.
During the meeting, the industry suggested measures such as increasing the competitiveness of exports, solving logistical problems, the active role of states in building the capacity of exporters and developing international markets for them. Indian products.
They also suggested including pharmaceuticals and chemicals in the Export Duty and Tax Remission Program (RoDTEP).
The president of the industry body PHDCCI, Sanjay Aggarwal, said that these sectors are essential to reach the target of 400 billion dollars in exports and “therefore it is requested to consider these sectors in the RoDTEP program”.
“The government budgeted only Rs 17,000 crore for a program that was supposed to reimburse the built-in levies paid on inputs consumed in exports in fiscal year 22. This is far less than the government’s initial estimate. of 50,000 crore rupees each year. The RoDTEP program, including all tariff lines, must be increased, ”he said.
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