Country’s FDI kitty has been swelling continuously: Goyal

He said during April-September 2020, FDI increased 13 per cent to about $40 billion. “FDI inflows into India have been continuously growing. Even during the first nine months of this year, at the peak of the COVID-19 pandemic, our FDI has grown and we have today one of the most facilitative and congenial FDI policies in the world,” he said at CII’s Partnership Summit 2020.

The minister said 100 per cent FDI is allowed through automatic route in almost all sectors. For certain sectors such as telecom, media, pharmaceuticals and insurance, government approval is required for foreign investors. There are nine sectors where FDI is prohibited and that are lottery business, gambling and betting, chit funds, Nidhi company, real estate business, and manufacturing of cigars, cheroots, cigarillos and cigarettes using tobacco.

Under the approval route, foreign investors have to take prior approval of the respective ministry/department. Through the automatic approval route, the investor just has to inform the RBI after the investment is made. Further, the minister invited investors to invest in India as the country holds opportunities in many areas. “India is a land of opportunities. We welcome you with open arms, a red carpet and assure you our complete assistance,” he added.