August 10, 2020
Total FDI inflow into India had jumped by 18 per cent during 2019-20 to reach US$73.5 billion
Exports in July 2020 reached 91 per cent of last year while the imports are about 79 per cent
India was devoted to building fair and reciprocal trade relations with the world: Shri Goyal
Foreign investors must bring in technologies, best practices and do value-addition: Shri Goyal
The Government of India is committed to protecting indigenous industries so that they can get fair play in reciprocal trade and access to markets globally, said Shri Piyush Goyal, Ministry of Commerce and Industry while inaugurating the five-day-long FMCG Supply Chain EXPO 2020. Speaking on the 1st edition of the Expo, Shri Goyal said that India was devoted to building fair and reciprocal trade relations with the world. He also said that post-COVID-19 pandemic reality, the world has changed and businesses will have to learn and unlearn out of this experience. Refuting the criticism by some for supporting the domestic industry and checking the imports, Shri Goyal said that the Government of India wants to protect local industries while encouraging increased foreign partnerships and investments.
India is steadily moving towards balanced trade with many countries and regions. This is one of the key reasons why India chose not to join RCEP as it was a completely inequitable arrangement. The Minister said that countries should, in a phased manner, look at sourcing from India, developing their products in India, and then encash the large business opportunity that 1.3 billion Indian people offer. Shri Goyal said that those investing in India, should not just look at assembling the semi-knocked down kits or availing import duty concessions, but must bring in technologies, best practices and do value-addition. Building on Indian core strengths and the confidence generated by the Government’s COVID-19 measures, total FDI inflow into India had jumped by 18 per cent during 2019-20 to reach US$73.5 billion.
Shri Goyal said that the India Government will stand shoulder-to-shoulder with industries in their efforts to become more competitive and engage with the world on more equal terms. He further added that the changes brought about by the pandemic will help deliver development to the remotest corners of India and drive the adoption of technology as India becomes a trusted part of global supply chains. Shri Goyal said that the Indian economy is on a fast revival path, as could be seen by various indicators. The rail freights and electricity consumption has reached the last year’s levels, the exports in July this year are 91per cent of the last year’s levels and the imports are also about 79 per cent. He invited the Indian industry to help build an inclusive and future-ready economy on the way to global leadership.