Piyush Goyal, the Union Minister of Commerce and Industry, has stated that despite the disruptions caused by the coronavirus (Covid-19) disease, there are clear signs that the economy is reviving and that the country will receive high foreign direct investments (FDIs) in the current fiscal year.
Goyal, who virtually addressed the Confederation of Indian Industry (CII) and Horasis India plenary session on Saturday, said that India received the highest-ever FDI in the pandemic-hit 2020, despite a global decline in investment inflows.
“The Indian industry is indeed on a growth path. The highest-ever merchandise has been logged for exports in a quarter (Q1 2021-22, $95 billion) in the history of India (more than 18 per cent from Q1 of 2019-20). In July (till the third week), exports were at $22.48 billion, at an increase of 45.13 per cent with respect to the same period in 20-21, and more than 25.42 per cent with respect to 2019-20.”
He went on to say that the labor-intensive and employment-generating sector of engineering goods grew by 33.70 percent in the third week of July compared to 20-21. “India has broken into the top 10 list of agricultural produce exporters as per WTO report. The Indian growth story is now being reflected across all the sectors from the ease of doing business to exports and from startups to services, India is taking giant leaps in each sector,” he said.
“In just the first six months of 2021, another 15 unicorns have emerged,” Goyal said of the startup world. He also stated that India is in talks for trade agreements with 16 countries, including the United Kingdom, the European Union, Australia, Canada, and the United Arab Emirates.
The achievements, according to the Union minister, are the result of seven years of consistent efforts to bring structural changes, adding that growth-centric reforms have enabled India to embark on a holistic economic transformation.
Stating that “Aatmanirbhar Bharat” is the recipe for rebuilding, revitalising and building resilience in the economy, Goyal said the campaign does not mean “closing our doors to the world. On the contrary, it empowers us to engage with greater confidence and competitiveness”.
“Vaccines, pharma products, ICT-related goods and services are possible areas of opportunities for immediate and short terms. In the long term, areas like digitisation, clean energy and GVCs remain great areas of growth. Sectors like agriculture, textiles, engineering goods, electronics, marine products and shipping services also offer great opportunities,” he added.
