INSUBCONTINENT EXCLUSIVE:
India has received over $20 billion in foreign direct investment (FDI) amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan
Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.In a virtual address at
a CII event in the UK, the foreign secretary highlighted various structural reforms undertaken by India in even previously restricted
sectors such as space, defence and atomic energy for greater private participation."The government of Prime Minister Narendra Modi has
launched several historic reforms to improve the ease of doing business in India in the last six years
Today, India is one of the most open economies in the world
We have put in place a transparent and predictable tax regime," he said.Mr Shringla talked extensively about implementation of various
ambitious initiatives like, rolling out of Goods and Services Tax, the Aadhaar biometric project, "groundbreaking reforms" in the
agriculture sector and creation of infrastructure for railways, ports and airports."The success of the reforms launched by the Government is
Even during the pandemic, we have received over $20 billion of FDI this year
While the global FDI declined by one per cent in 2019, FDI into India rose by 20 per cent in the same period," he said.The foreign secretary
said several global technology majors 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 India-UK economic partnership, he said the bilateral
trade has been on an upward trajectory and touched 24 billion pounds in 2019 and that the country is the sixth largest investor in India
with investments totalling $28.21 billion."The COVID-19 pandemic has created severe economic challenges for both our countries
We can overcome these challenges by working together to create new opportunities for our business and industry," said Mr Shringla.He said
under the ''Aatmanirbhar Bharat Abhiyaan'' or self-reliant India campaign, India has rolled out a stimulus package for the economy of about
$270 billion.The foreign secretary said research and development for vaccines for COVID-19 is a crucial area where there is potential for
collaboration between India and the UK."Serum Institute of India is already working with the Oxford University-Astrazeneca on their vaccine
I talked about the role played by India''s pharmaceutical sector in meeting the global demand for essential medicines during the
pandemic," he said."We are certain that our companies will play a similar role in the development of an affordable vaccine for COVID-19," he
