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HomeBusinessIndia’s FDI inflow grew by 18% from last year to $73 bn in 2019-20

India’s FDI inflow grew by 18% from last year to $73 bn in 2019-20

30 May 2020: In his tweet message on 29th May 2020, Piyush Goyal, Union Minister for Commerce & Industry and Railways said that as a clear indication of rising investor confidence in India, FDI inflow grew by 18% from last year to $73 billion in 19-20. With this, FDI has more than doubled in last 6 years. “This shows India is a preferred investment destination under PM Narendra Modi’s able leadership.”

Earlier, Piyush Goyal, through Video Conference, participated in the Digital Summit on Exports organized by the Confederation of Indian Industry (CII). EXIM Bank of India was the Institutional Partner for the Summit. In his address, the Minister identified three important ways to increase India’s exports: reviving manufacturing, diversifying the exports basket, and finding newer and more accepting markets. He stated that India has a huge opportunity to promote indigenous production in auto component sector, furniture, air conditioners, and others. He said that MeitY is promoting electronics production. He said that in the IT related service, the world recognizes the Indian expertise and prowess, and hence we have asked the NASSCOM to target for $500 billion export in the sector in next five years.

Earlier, Piyush Goyal held meeting, through Video conference, with the industry and trade association such as CII, FICCI, ASSOCHAM, NASSCOM, PHDCI, CAIT, FISME, Laghu Udyog Bharati, SIAM, ACMA, IMTMA, SICCI, FAMT, ICC and IEEMA.

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