New Delhi: Union minister of commerce and industry Piyush Goyal has said there are clear indications the economy is seeing a revival amid the disruptions caused by coronavirus (Covid-19) disease and the country will receive high foreign direct investments (FDIs) during the current financial year.
Goyal, who virtually addressed the plenary session of Confederation of Indian Industry (CII) and Horasis India on Saturday, said, India received the highest-ever FDI in the pandemic-hit 2020 which is in stark contrast to a fall in investment inflows globally.
“The Indian industry is indeed on a growth path. The highest-ever merchandise has been logged for exports in a quarter (Q1 2021-22, $95 billion) in the history of India (more than 18 per cent from Q1 of 2019-20). In July (till the third week), exports were at $22.48 billion, at an increase of 45.13 per cent with respect to the same period in 20-21, and more than 25.42 per cent with respect to 2019-20.”
He added the labour intensive and employment generating sector of engineering goods has also seen a growth of 33.70 per cent in the third week of July with respect to 20-21. “India has broken into the top 10 list of agricultural produce exporters as per WTO report. The Indian growth story is now being reflected across all the sectors from the ease of doing business to exports and from startups to services, India is taking giant leaps in each sector,” he said.
Speaking about the startup space, Goyal said, “In just the first six months of 2021, another 15 unicorns have come up.” He said India further is holding talks with 16 countries, including the UK, the EU, Australia, Canada, and the UAE, for trade agreements.
The Union minister said the accomplishments were a result of consistent efforts to bring structural changes in the last seven years, adding growth-centric reforms have enabled India to embark on a holistic economic transformation.
Stating that “Aatmanirbhar Bharat” is the recipe for rebuilding, revitalising and building resilience in the economy, Goyal said the campaign does not mean “closing our doors to the world. On the contrary, it empowers us to engage with greater confidence and competitiveness”.
He also exhorted all stakeholders of India’s economic progress to look for emerging short-term and long-term growth opportunities.
“Vaccines, pharma products, ICT-related goods and services are possible areas of opportunities for immediate and short terms. In the long term, areas like digitisation, clean energy and GVCs remain great areas of growth. Sectors like agriculture, textiles, engineering goods, electronics, marine products and shipping services also offer great opportunities,” he added.
(With agency inputs)