Despite Covid disruptions,Indian economy is reviving- Goyal

Union minister of commerce and industry Piyush Goyal has said there are clear indications the economy is seeing a revival amid the disruptions caused by coronavirus (Covid-19) disease and the country will receive high foreign direct investments (FDIs) during the current financial year. Addressing the plenary session of Confederation of Indian Industry (CII) and Horasis India on Saturday, he said India received the highest-ever FDI in the pandemic-hit 2020 which is in stark contrast to a fall in investment inflows globally.

"Indian industry is indeed on a growth path. The highest ever merchandise have been logged for exports in a quarter (Q1 2021-22, $95 billion) in the history of India (more than 18 pre cent from Q1 of 2019-20). In July (till the third week), exports were at $22.48 billion, at an increase of 45.13 per cent with respect to the same period in 20-21, and more than 25.42 per cent with respect to 2019-20," the Minister said. He further added that labour intensive and employment generating sector of Engineering goods has also registered a growth of 33.70 per cent in the third week of July with respect to 20-21.

"India has broken into the top 10 list of agriculture produce exporters as per World Trade Organisation report. The Indian growth story is now being reflected across all the sectors from the ease of doing business to exports and from startups to services, India is taking giant leaps in each sector," he said. There is a new energy in India's startup space, the minister added. "In just the first six months of 2021, India has been to see 15 more unicorns," he noted.