In a significant piece of good news, the foreign direct investment in India has grown at 18 percent in 2019-20. Taking to Twitter, Union Minister of Commerce and Industry Piyush Goyal has said the total FDI has doubled since 2013-14, from $36 billion to $73 billion now. This increase in the FDI is touted to be due to the ‘Make in India’ initiative of Prime Minister Narendra Modi.
Aatma Nirbhar Bharat
Union Minister Piyush Goyal on Thursday remarked that ‘Aatma Nirbhar Bharat’ is about engaging with the world from a position of strength and not just about ‘self-reliance.’ The Union Minister added that the exploration of new markets while maintaining diversification and consolidation in the current areas of strength is the ‘mantra’ for success.
Addressing a digital summit on exports organised by the Confederation of Indian Industry (CII), Goyal said that the future of growth lay with industry and the private sector, with the government having a minute role to play.
The Union Minister also identified three important ways to increase India’s exports: Reviving manufacturing, diversifying the export basket, and finding newer and more accepting markets. He also stressed that diversification of exports, in addition to consolidating current areas of strength, is necessary for the Indian economy to grow.
Furthermore, Piyush Goyal highlighted India’s opportunity to promote indigenous production in the auto component sector, furniture, air conditioners and others. He added that the Ministry of Electronics and Information Technology is also promoting electronics production while in the pharma sector, API manufacturing is being encouraged and in the Agri export sector, the opportunity is ‘huge.’-Republic World