India has received more than $ 20 billion in foreign direct investment (FDI) amidst the coronavirus epidemic, Foreign Secretary Harshvardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment worldwide .
In a virtual address at a CII event in the UK, the Foreign Secretary highlighted various structural reforms undertaken by India for private participation in already restricted sectors such as space, defense and nuclear power.
“Prime Minister Narendra Modi’s government has made several historical reforms in the last six years to improve ease of doing business in India. Today, India is one of the most open economies in the world. We have created a transparent space. Hope According to the tax regime, “he said.
Mr. Shringla spoke in detail about the implementation of various ambitious initiatives in the Goods and Services Tax, Aadhaar Biometric Project, “Reforms” in the agricultural sector and the construction of infrastructure for railways, ports and airports.
“The success of government-initiated reforms is evident in numbers. Even during the epidemic, we have received more than $ 20 billion in FDI this year. While global FDI has fallen by one percent in 2019, FDI in India is 20.” % Has gone up. Percentage over the same period, “he said.
The foreign secretary said several global technology companies have announced significant investments in India including $ 10 billion by Google, $ 5 billion by Facebook and $ 1.2 billion by Mubadala – the UAE Sovereign Wealth Fund.
Talking about the India-UK economic partnership, he said that bilateral trade has been on a higher trajectory and touched £ 24 billion in 2019 and the country is India’s sixth largest investor with an investment of $ 28.21 billion.
“Srivilla said,” For our country the COVID-19 epidemic has created serious economic challenges for both countries. We can overcome these challenges by working together. “
He said under the “Atmanabir Bharat Abhiyan” or Self-Reliant India Campaign, India has launched an incentive package for the economy of about $ 270 billion.
The Foreign Secretary stated that research and development for vaccines for COVID-19 is an important area where there is potential for cooperation between India and the UK.
“The Serum Institute of India is already working with Oxford University-AstraZeneca on its vaccine project. I talked about the role played by India’s pharmaceutical sector in meeting the global demand for essential medicines during the pandemic, ” They said.
“We are certain that our companies will play an equal role in developing an affordable vaccine for COVID-19,” he said.