Covid19 throws a harsh impact on every sector in 2020-21. When the sources of economy and employment have reduced and investment was low. In this toughest time, we have got an amazing update today from Piyush Goyal. The news is about Foreign Direct Investment in India, the total collection has been received through various sources equity, capital reinvested earnings.
In India, FDI has increased by 19% in the year 2020-21, which is too high from the previous years.
In the year, 2019-20, the total collection of FDI was 74.39 Billion while during 2020-21 it has increased USD 81.72 BIllion that is 10%from the previous year.
The Commerce and Industry Minister, Piyush Goyal, shared his opinion on this tremendous growth of FDI in India, the growth rate will continue to rise in coming years as well.
The export rate of India has also achieved growth and at the end of the 2021 financial year, it will touch the point of 400 Billion. We are expecting this growth after analyzing the July month export performance that is 22billion on 22nd July and in the upcoming 9 days, it will be increased to 33 Billion.
We are in conversation with 16+ countries including UAE, Australia, Canada, UK, EU, and other countries regarding economic partnership or FTA and investment in high amounts.
We have already made partnerships with Japan, Singapore, South Korea, ASEAN members, etc. According to these FTA’s the goods can be traded between these countries comfortably on low custom duties rates.
The FDI is on the right track and the target we have set of 400 Billion will be achieved at the end of the year.
In addition to the finance and economy, COVID 19 vaccination also grabbed the limelight, Piyush Goyal said that the private sector is not showing their interest to purchase 25% of vaccines while their industries have stated that they will give their support to 1 crore vaccinations but nothing has happened.
In different parts of India, people still fear, hesitate, or kind of misunderstanding the Covid19 vaccine and its impact. Many industries have failed to keep their word on Covid 19 vaccination first and have started to make the 1crore vaccinations but it is not done. CII and all need to work on this. No COVID19 vaccine campaign program has operated to educate the people of Bihar, Northeast, Jharkhand, and other places.
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