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India receives record FDI in last seven years, expects trend to continue: Goyal

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India receives record FDI in last seven years, expects trend to continue: Goyal

New Delhi, Nov 16 (PTI) Commerce and Industry Minister Piyush Goyal on Tuesday said India has attracted a “record” foreign direct investment (FDI) in the last seven years and will continue to grow in the coming years due to major structural reforms by the government. This trend is also expected to continue.

He also said that India is focusing on integrating its quality standards with the world and the country needs to drop the mindset of specialized product for domestic market and other export market.

He was speaking at the National Conference on MNC 2021 of industry body Confederation of Indian Industry (CII). “In the last seven years, we have achieved record FDI (foreign direct investment). I expect this trend to continue due to the major structural reforms undertaken in the country. This boom in economic activity is going to continue and the future looks very bright.

FDI inflows into the country grew 62 per cent to $27 billion during the April-July period of the current fiscal.

On free trade agreements (FTAs), he said India is in talks with various countries including the United Arab Emirates (UAE), Australia, the UK, the European Union (EU), Israel and the GCC (Gulf Cooperation Council) group. Has been doing.

“We will do an FTA with the UAE in the next 60-100 days, an interim agreement with Australia probably around that time,” he said. Work with the EU should start soon (because) they have recently appointed a key negotiator and we are working towards an agreement with Canada.

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Goyal appealed to the MNCs (MNCs) to use India as a manufacturing base as they can take over the whole world from India.

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