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"India has received the very best 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 above May 2020," he said while addressing a gathering of various industry associations on promoting exports
Foreign direct investments into the country is on the increase , jumping to USD 12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said.
He also said the govt is functioning on a mission mode to realize an exports target of USD 400 billion in 2021-22.
"India has received the very best 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 above May 2020," he said while addressing a gathering of various industry associations on promoting exports.
He said that exports are recording healthy growth and through 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 fifteen percent in 2020 from 17.6 per cent in 2019, and therefore the country's applied tariffs are way below the bound rate of fifty .8 percent (permissible limit under the planet Trade Organization).
Talking about employment, he said quite 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs are going to be created by 50,000 new startups within 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 the inclusion of pharma and chemicals under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
Industry body PHDCCI's President Sanjay Aggarwal said these sectors are essential to realize the target of USD 400 billion exports and "it is therefore requested to think about these sectors in RoDTEP scheme".
"The government has budgeted only Rs 17,000 crore for a scheme that's alleged to reimburse embedded levies paid on inputs consumed in exports in FY'22. it's far but the government's initial estimate of Rs 50,000 crore annually . The allow the RoDTEP scheme, including all tariff lines, got to be increased," he said.
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