Total FDI that Came to India in Lockdown

There are many multinational companies of various sectors like electronics, retails, e-commerce, automotive, food processing, textiles, that are interested in shifting their base to India. Minister Piyush Goyal replied to a question raised in the Rajya Sabha and told the sectors in which various companies want to shift base to India.

The minister also said the benefits that India gets from the foreign inflows is that it assists in augmenting domestic capital and increases the employment opportunities available across different sectors.

He further added that FDI inflow from the USA and other countries in the last fiscal year was $74.39 billion and for April-July 2020 is $16.26 billion. After the pandemic, many countries are wanting to change their base from China to India.

Efforts have been made by India to make the most of this opportunity by attracting the various companies to shift base in India. The government of India has reached 1000 companies in April in the US also various incentives have been offered for manufacturers that are wanting to move from China.

Minister Piyush Goyal also said that the Indian government is working towards the direction of making more investor-friendly reforms that will help to facilitate investments in India. Various steps such as Production Investment Schemes, GIS mapping of available land banks, issuance of Quality Control Orders to cut down cheap imports, and more of such initiatives are being taken by the government for luring foreign investments. 

The minister also said that there is a need for foreign countries to give equal access to India to their markets as well. The trade relations between two nations are developed on the foundation of the high reciprocity and equilibrium and more counties want to move to balanced trade.