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Piyush Goyal invites foreign investors, cites healthy FDI inflows
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SME Times News Bureau | 15 Dec, 2020
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.
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