India received highest FDI inflows in 7 years
Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India received highest FDI inflows in 7 years”
Union Commerce and Industry Minister Piyush Goyal said that India has attracted record breaking FDIs (foreign direct investments) in the last seven years and it is the highest in this period of time. The expectation is made that the trend will continue in the coming years as well on account of major structural reforms being undertaken by the government.
He also said that India is aiming to integrate its quality standards with the world and India requires letting go of the mindset of a particular product being for the domestic market and the export market for others.
The Inflows of FDI into the country grew up 62% to 27 billion US dollar during April-July period of the current fiscal.
Free Trade Agreement:
India is negotiating such pacts like Free Trade Agreements (FTAs) with many countries which include UAE, Australia, UK, European Union (EU), Israel, and GCC (Gulf Cooperation Council) group. India will sign a Free Trade Agreement with UAE as early as possible, an interim agreement with Australia probably around the same time. The European Union has recently appointed a lead negotiator thus it may be working start soon and India is going to work with Canada soon.
Piyush Goyal, Union Commerce and Industry Minister has requested to MNCs (Multi-National Corporations) to take advantage of India’s policy of manufacturing hub as they can fascinate the whole world from India.
India is going to add the single window clearance platform with the hope that more states will come on board and continue to grow, acquire new businesses, recruit in India and bring international talent in India.
Advantage of FTA:
- Two trading partners can dilute and even eliminate duties like customs, on the most number of goods traded between them under a Free Trade Agreement.
- They soften the norms to enhance trade in services and boost investments.
Question & Answer:
Q1. How much amount of FDI inflows received by India in the year of 2020?
Ans. USD 64 billion
Q2. What is the rank of Indian in terms of FDI inflows in the world?
Q3. What amount of FDI inflows received by India for first four months of the FY 2021-22?
Ans. 27.37 billion US dollar (62% higher than corresponding period of time)
Read More : PM Modi inaugurates Purvanchal Expressway
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