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Huge scope for Australian investment into India: Goyal
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SME Times News Bureau | 18 Dec, 2020
Union Minister Piyush Goyal on Friday said that there is tremendous
scope for Australian investment into India as the country eases FDI
norms and opens up different sectors.
Addressing the CII's
session on 'Enhancing India Australia Bilateral Economic and Trade
Relationship', the Minister for Railways, Commerce and industry,
Consumer Affairs, Food and Public distribution said India has opened up
the agriculture sector for greater investments in food processing and
value addition.
The Minister also launched 'India-Australia Economic Strategy Report'.
Accordingly,
Goyal said that India is continuously trying to make FDI policies more
facilitative, congenial and supportive of foreign investment.
He
said that newer areas like space, nuclear energy and defence production
will open up good opportunities for Indo-Australian mutual engagement.
Emerging
sectors of defence, sports, textiles, textile designing, digital
gaming, animation, water management, commercial ship-building, space
collaboration and digital engagement in education, hold great promise in
our efforts to balance this trade relationship, he mentioned.
Besides,
Goyal said that recent labour reforms will also enable a new ecosystem
for labour regulations and flexibility in employment.
Areas like
tourism, he cited will generate a lot of jobs in India under the new
framework, and will make tourism projects in India more viable.
"We
wish to ensure that the farmers of India get even greater incomes which
would only be possible with more value-added on our farm produce and
greater engagement with the rest of the world, to meet the needs of the
international community," the Minister added.
Furthermore, he
said that in the backdrop of the coronavirus pandemic, the focus of the
industry, which had been to bring back economic activity, is yielding
very good results and the economy is showing a V-shaped recovery.
"India
has utilised the opportunity thrown up by Covid-19 to further
liberalise our economy and make it easier to do business in India.
"We
are one of the most open economies today particularly with FDI in
automatic route up to 100 per cent in almost all sector expect," Goyal
added.
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