India may attract $160 billion FDI per year by 2025: Piyush Goyal

Goyal also appealed to MNCs to use India as a manufacturing base as they can capture the whole world from India

Commerce Minister Piyush Goyal on Friday said India could be the next global investment hotspot with the potential to attract an annual foreign direct investment up to $120-$160 billion by 2025.

He cited various reforms undertaken by the Modi government and withdrawal of the retrospective tax as the reasons for the potential FDI inflow.

“We have the potential to attract an annual FDI in the range of $120- $160 billion by 2025. We’ve seen record FDI inflows, breaking the previous year’s record each year, 7 times in a row. And I hope to see this continue triggered by major structural reforms. The fact that we have a proactive leader in Prime Minister Modi, willing to listen and change in these dynamic times,” he said, addressing the 2nd edition of the CII National Conference on MNCs, 2021.

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Goyal said global sentiments have changed from ‘Why India?’ to ‘Why Not India!’, and today ‘We must be in India!’

“There are more success stories here than anywhere in the world today, today we have 71 unicorns. Our Manufacturing PMI is high and Services PMI has reached a decade high,” he added.

On Free Trade Agreements (FTAs), the minister said India is negotiating such pacts with countries, including UAE, Australia, UK, European Union (EU), Israel, and GCC (Gulf Cooperation Council) group.

"We will have an FTA with UAE in next 60-100 days, an interim agreement with Australia probably around the same time. With the EU, work should start soon (as) they have recently appointed a lead negotiator and we are working to start with Canada," he said.

Goyal appealed to MNCs (Multi National Corporations) to use India as a manufacturing base as they can capture the whole world from India.

"Hope you continue to grow, acquire new businesses, recruit in India and bring international talent here," he said, adding that on the single window clearance platform, more states will come on board.

Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

With PTI inputs

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