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Business EconomyPosted at: Aug 30 2016 7:57PM


India receives FDI of $105 billion despite slow in global trade: Sitharaman

New Delhi, Aug 30 (UNI) Despite sluggish scenario in the global economy, the trade between India and US has garnered momentum and scaled a new height by reaching over 105 billion dollars bilateral trade.
While hosting the US delegation for the 2nd Strategic and Commercial Dialogue, Minister of State for Commerce and Industry Nirmala Sitharaman said, “The trade between India and US has gathered strength and the bilateral trade of more than 105 billion dollars is a testimony to this fact of sluggish global trade.”
The Minister also said, “We all know that this figure is much below the potential, as the trade complementarity between the two large democracies is very high. It has been the endeavour of both the countries to use the institutional dialogues like Trade Policy Forum and Strategic and Commercial Dialogue to address the issues being faced by the trade.”
Indian government would like to scale the bilateral trade to 500 billion dollars in the years to come, he added.
“Our leaders have agreed to an ambitious target of taking the bilateral trade to 500 billion dollars and this would require both the sides to work in close cooperation and resolve impediments to trade. I would like to assure you that we remain strongly committed to make India a better place to do business and to progressively liberalize our economy to facilitate greater investment,” She added.
As part of the autonomous liberalization exercise, “We have made a number of changes in our FDI policy to bring more activities under the automatic route and easing conditionality for foreign investment. New sectors like defense, railways have been opened to foreign investments,” the minister said.
Reforms undertaken in the recent months have shown positive results and FDI inflows into India have increased at a time when globally, there is decline in the investment flows.
Total FDI inflow into India which was at 36 billion dollars during 2013-14 increased to 44.2 billion dollars in 2014-15 and further increased as during the year 2015-16, India received 55.4 billion dollars as FDI.
FDI from USA has also shown a positive growth trend from 804 million dollars in 2013-14 to 4190 million dollars in 2015-16.
On passage of GST, Ms Sitharaman said, “Our persistent efforts towards simplification of the tax regime have started showing impact and the passage of GST Bill is expected to provide the required boost for a simplified indirect tax regime.”
On ease of doing business initiative, “We have taken a number of strong steps which have resulted in raising India’s rank a notch higher in the World Bank Doing Business Report. The e-Biz portal has helped in providing a one stop shop for the investors to apply for different services,” she added.
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