India obtained USD 20 billion in FDI throughout COVID-19 pandemic: Foreign Secretary Shringla

New Delhi, September 15

India has obtained over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla stated on Tuesday, showcasing the nation as probably the most enticing locations for funding globally.

In a digital tackle at a CII occasion within the UK, the international secretary highlighted numerous structural reforms undertaken by India in even beforehand restricted sectors corresponding to area, defence and atomic power for higher personal participation.

“The government of Prime Minister Narendra Modi has launched several historic reforms to improve the ease of doing business in India in the last six years. Today, India is one of the most open economies in the world. We have put in place a transparent and predictable tax regime,” he stated.

Shringla talked extensively about implementation of varied bold initiatives like, rolling out of Goods and Services Tax, the Aadhaar biometric challenge, “groundbreaking reforms” within the agriculture sector and creation of infrastructure for railways, ports and airports. 

“The success of the reforms launched by the Government is evident in the numbers. Even during the pandemic, we have received over USD 20 billion of FDI this year. While the global FDI declined by one per cent in 2019, FDI into India rose by 20 per cent in the same period,” he stated.

The international secretary stated a number of world know-how majors have introduced vital investments in India together with USD 10 billion by Google, USD 5 billion by Facebook and USD 1.2 billion by Mubadala – the UAE Sovereign Wealth Fund.

Talking about India-UK financial partnership, he stated the bilateral commerce has been on an upward trajectory and touched 24 billion kilos in 2019 and that the nation is the sixth largest investor in India with investments totalling USD 28.21 billion.

“The COVID-19 pandemic has created severe economic challenges for both our countries. We can overcome these challenges by working together to create new opportunities for our business and industry,” stated Shringla.

He stated beneath the ‘Aatmanirbhar Bharat Abhiyaan’ or self-reliant India marketing campaign, India has rolled out a stimulus package deal for the economic system of about USD 270 billion.

The international secretary stated analysis and growth for vaccines for COVID-19 is an important space the place there’s potential for collaboration between India and the UK.

“Serum Institute of India is already working with the Oxford University-Astrazeneca on their vaccine project. I talked about the role played by India’s pharmaceutical sector in meeting the global demand for essential medicines during the pandemic,” he stated.

“We are certain that our companies will play a similar role in the development of an affordable vaccine for COVID-19,” he added. — PTI

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