India getting continuous flow of FDI: Piyush Goyal
New Delhi: 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 $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 the 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, and manufacturing of cigars, cheroots, cigarillos and cigarettes using tobacco.
Under the government approval route, the foreign investors have 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 the 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. (PTI))