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FDI to India increased 39 percent in 18 months: PM
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SME Times News Bureau | 30 Jan, 2016
Prime Minister Narendra Modi on
Friday said the foreign direct investment (FDI) to India has increased
by 39 percent in the last 18 months even while falling globally.
"The
FDI to India increased by 39 percent in the last 18 months, when global
FDI has fallen," Modi said in his address at The Economic Times Global
Business Summit, noting that at present, the global economy is going
through a period of uncertainty.
Stressing that reforms in a
country should be linked to people's welfare, he said: "True reforms are
those which results in transformation in the lives of citizens. My goal
is reform to transform. Biggest beneficiary of any reform should be the
poor."
Holding that creating new opportunities for citizens to
progress is crucial for the growth of the nation, he said: "New
opportunities are like oxygen to the aspirational citizens."
Modi said that reforms will be fruitful only if they succeed in impacting the lives of citizens for the better.
"We
have to increase the quality of life of the common citizen and even
more so, the quality of life of the poor. If a government is
progressive, and runs an honest and efficient administration, the
biggest beneficiaries are the poor. Poor governance hurts the poor more
than it hurts others," he said.
"I believe in the politics of
empowerment. I believe in empowering the people to improve their own
lives. We need to value enterprise and hard work, not wealth. Creating
opportunities for cities and towns to grow is very crucial. Urban areas
are an engine of growth," he added.
Saying that "no country can
be alone" in the globalised world today, he said India's economic
efforts must have a positive global impact.
"India's policies
must be such that they make a positive contribution to the rest of the
world. For the last four quarters, India has been the fastest growing
large economy in the world," he said.
Modi also noted that
protecting the planet from climate change is "one of the most important
tasks for this generation". "We are committed to reducing the emission
intensity of our GDP by 33 percent by 2030 even while growing at a fast
pace," he added.
Listing the government's achievements, he said:
"India's highest ever urea fertiliser production was achieved in 2015.
India's highest ever production of ethanol as blended fuel, benefiting
sugar cane farmers, was in 2015. the highest number of new cooking gas
connections to the rural poor was achieved in 2015.
"India's
highest ever output of coal was achieved in 2015. Shipping Corporation
of India which made a loss of Rs.275 crore in 2013-14 made a profit of
Rs.201 crore in 2014-15."
The prime minister also cited the
benefits of the Direct Benefit Transfer scheme of cash transfers in
rationalisation of subsidies and weeding out illegal cooking gas
connections.
"(I) was pleasantly surprised to see a noteworthy
reduction in leakage, simply by eliminating those who were double
counted and ineligible," he said.
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I strongly object that FDI has increased 39%
Rajeshkumar.M.N | Wed Feb 3 16:01:18 2016
Because the US$before 18 months was Rupee 64 only in some case it went up to Rupee 74. By keeping this as a set constraint, now after 18 months still Rupee is at 71 in internationalized banks in India. Meaning Rupee devalued by 11%. Hence this 39% need be subtracted the Rupee devaluation of 11% and the FDI is only 28% remains in the same level as it was 18 months back.
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Customs Exchange Rates |
Currency |
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64.50 |
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Euro
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75.65 |
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56.85 |
As on 13 Aug, 2022 |
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