Foreign direct investment into India continuously growing: Piyush Goyal

Representational image.

Foreign direct investments (FDIs) into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said that during April-September 2020, FDI increased 13 per cent to about USD 40 billion.

"FDI inflows into India have been continuously growing. Even during the first nine months of this year, at the peak of the COVID-19 pandemic , our FDI has grown and we have today one of the most facilitative and congenial FDI policies in the world," he said at CII's Partnership Summit 2020.

The minister said that 100 per cent FDI is allowed through automatic route in almost all sectors.

For certain sectors such as telecom, media, pharmaceuticals and insurance, government approval is required for foreign investors. There are nine sectors where FDI is prohibited and that are lottery business, gambling and betting, chit funds, Nidhi company, real estate business, and manufacturing of cigars, cheroots, cigarillos and cigarettes using tobacco.

Under the government approval route, foreign investorshave to take prior approval of the respective ministry/department. Through the automatic approval route, the investor just has to inform the RBI after the investment is made.

Further, the minister invited investors to invest in India as the country holds opportunities in several areas.

"India is a land of opportunities. I invite you to board the bus of development, growth and prosperity...We welcome you with open arms, a red carpet and assure you our complete assistance, partnership and involvement through your journey in this land of opportunities," he added.

Speaking at the summit, Ville Tapio Skinnari, Finland's Minister for Development Cooperation and Foreign Trade, said: "I would like to encourage India to continue on the path for deeper economic reforms and open economy".

On the proposed free trade agreement between India and the European Union, Skinnari said both sides should set a time for a high-level dialogue to discuss differences about the pact as soon as possible.

"For the European Union, the most topical issue is investment protection. An agreement would greatly add to the predictability of the Indian business environment and contribute to economic growth ," he added.

The proposed trade pact between the two sides has been stalled since May 2013 as both sides have yet to iron out differences over several issues.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel