Foreign direct investments into the country are on the rise, jumping to USD 12.1 billion in May this year, providing about 5.5 lakh jobs, Commerce and Industry Minister Piyush Goyal said on Monday.
He also said the government is working on a mission mode to achieve an exports target of USD 400 billion in 2021-22.
“India has received the highest ever FDI inflow in 2020-21. It surged by 10 per cent to USD 81.72 billion and FDI during May 2021 is USD 12.1 billion, i.e. 203 per cent higher than May 2020,” he said while addressing a meeting of different industry associations on promoting exports.
He said that exports are recording healthy growth and during August 1-14, the outbound shipments grew 71 per cent over 2020-21 and 23 per cent over 2019-20.
According to the minister, India’s average applied import tariff (duty) has dropped to 15 per cent in 2020 from 17.6 per cent in 2019, and the country’s applied tariffs are way below the bound rate of 50.8 per cent (permissible limit under the World Trade Organization).
Talking about employment, he said more than 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs will be created by 50,000 new startups in the next five years.
“It is time for our industry to expand our capacity, capability, and commitment to develop resilient global supply chains,” he said, adding that the Centre expects that the Indian industry should suggest areas for intervention through research, handholding of exporters/ manufacturers, and deeper engagement with states and Missions.
During the meeting, industry suggested steps like increasing export competitiveness, addressing logistic problems, active role of states in building capacity of exporters and developing international markets for Indian products.
They also suggested inclusion of pharma and chemicals under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
