FDI in India growing rapidly over last few years: Piyush Goyal

Commerce Minister Piyush Goyal has said that Foreign Direct Investment, FDI in India has been growing rapidly over the last few years. Virtually addressing the 4th edition of the India-Korea Business Partnership Forum in New Delhi on Friday, Goyal said, India has today become an attractive and preferred destination for investments. He invited South Korean entrepreneurs to invest in new sectors like Defence and Retail. The Minister said, there is a need to complement the complementary strengths in Automobiles, Textiles, Food processing, Leather Products, Metals, Mining, Chemicals and also through some of the traditional sectors like Steel and look at new emerging opportunities in Defence, e-Commerce and Retail.
He said, Prime Minister Narendra Modi’s Make in India initiative is complemented by Korean President Moon Jae-in's New Southern Policy. Goyal said, many Korean companies have leveraged the opportunities that India has to offer to Make in India for the world using the competitive and comparative advantages of skilled manpower, low-cost manufacturing and the Government support that is provided for businesses in India. Goyal said the Government has taken several policy measures to support Industry and Services. We have a National Single Window launched recently, a National Infrastructure Pipeline with projects worth over a trillion dollars providing opportunities for Infrastructure companies. We have reduced Corporation taxes to amongst the lowest in the world giving additional incentives to new investments, liberalized our Foreign Investment regime and many other measures to support the growth of the Indian economy,” he said, adding, “In the last four or five years India is home to about 70 Unicorns, nearly half of them only in the last year of the Covid pandemic.