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Commerce and Industry Minister Piyush Goyal has expressed confidence that India will continue to attract high foreign direct investment (FDIs) in the current financial year (FY22). He said India has received highest ever FDI in the Covid-impacted 2020, in contrast with a shrinkage in investment inflows globally. Total FDI, including equity, re-invested earnings and capital, rose 10 per cent to $81.72 billion during 2020-21 as against $74.39 billion in 2019-20.

Further, he said, India's exports too are recording healthy growth and would reach USD 400 billion by the end of the current financial year. During July 1-21, export crossed $22 billion and it is ‘poised to cross $32-33 billion by end of the month (July), which means our run rate is on track to achieve $400 billion of exports target for the first time ever’ Besides, he said that currently India is in talks with 16 countries including the UK, the EU, Australia, Canada, and the UAE for trade agreements.

He stated with some countries, India is working for early harvest agreements which will allow the country to quickly identify areas of mutual interest and progress negotiations faster towards a comprehensive economic partnership agreement, or FTAs. India has inked FTAs with several countries, including Japan, South Korea, Singapore, and ASEAN members. Under such agreements, two trading partners significantly reduce or eliminate import/customs duties on the maximum number of goods traded between them.