Foreign direct investments into the country is on the rise, jumping to $12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said on Monday.
He also said the government is working on a mission mode to achieve exports target of$400 billion in 2021-22.
“India has received the highest ever FDI inflow in 2020-21. It surged by 10 per cent to$81.72 billion and FDI during May 2021 is$12.1 billion, i.e. 203 per cent higher than May 2020,” he said while addressing a meeting of different industry associations on promoting exports.
He added India’s average applied import tariff (duty) has dropped to 15 per cent in 2020 from 17.6 per cent in 2019, and applied tariffs are way below the bound rate of 50.8 per cent (permissible limit under the WTO).