New Delhi: The Union Minister of Commerce & Industry, Piyush Goyal, has welcomed foreign investors to be a part of India’s growth story. Addressing the inaugural session of CII’s Partnership Summit 2020 through virtual means on Tuesday, 15th December, he welcomed them and assured complete assistance, partnership, and involvement through the journey in India, according to a press release from the Ministry of Commerce & Industry.
Commerce & Industry Minister Goyal said that continuing on an open path, India has been systematically opening up to global investors new sectors of the economy and encouraging businesses through strategic relationships with different investment partners, strengthening the economic plans for the future, stated the Ministry, adding that he said FDI (Foreign Direct Investment) flows in India have been continuously growing.
“During the first 9 months of this year, at the peak of the 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 is higher than last year by about 13%. Last year, we announced one of the most attractive tax rates available anywhere in the world at 22% tax for businesses in India and 15% tax for new manufacturing facilities set up after October 2019,” said Commerce Minister Goyal.
The Minister held that a number of new schemes have been introduced including the Production-Linked Incentive Scheme to attract industries to come to India. “We have investment promotion cells in all the ministries. Central Governmentt & states are working together to attract & promote investments and, 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 Narendra Modi is crafting for the people of India,” said Commerce Minister Piyush Goyal.
Speaking on the theme of the partnership summit, which is about partnerships for lives, livelihoods, and growth, Piyush Goyal said that this will help all of us in our joint endeavour to get our economies back on the growth path and encourage new opportunities. “Our aim is not only to grow sustainably at high levels but to achieve the target of becoming a $5 trillion economy by 2025. Historic reforms in different sectors will hold the country in good stead in our effort to improve the prosperity levels of the people. India does not wish to miss the sunshine under the warm sun that India is blessed with. We believe in the new world there will be new thinking, new opportunities for growth. Alone, we can accomplish little but together our reach may exceed beyond anyone’s imagination. This is the time to be in India, this is the time to expand your presence & investments in India. India is a land of opportunities,” concluded the Commerce Minister.
Subscribe to Indus Dictum to receive a briefing about the latest news & feature articles. No spam, we promise.