India Received Record Investment During Coronavirus Pandemic: PM Modi at Assocham Event | Photo credit: Times Now
Key points
- FDI in India grew 15% to $ 30 billion during the first half of the current fiscal year, according to previously released government data.
- Prime Minister Narendra Modi also presented the ‘Assocham Enterprise of the Century Award’ to Tata Group
- Tata Sons Chairman Emeritus Ratan Tata received the award on behalf of the conglomerate.
New Delhi: Prime Minister Narendra Modi said on Saturday that the world has confidence in India, which is reflected in record foreign investment in the country.
While delivering the keynote speech at the Assocham Foundation 2020 event, Modi also urged citizens to exert all pressure to achieve Atmanirbhar Bharat.
“The world has confidence in the Indian economy. During the coronavirus pandemic, when the world is distraught over the channeling of investments, we have received a record amount of Foreign Direct Investment (FDI). We have to increase our domestic investments to maintain this confidence, “said Prime Minister Modi.
“In the coming years, for Atmanirbhar Bharat, all of you must exert all the strength you can muster. The world is heading for another industrial revolution. So, starting today, we must plan and act to achieve our nation-building goals, ”he added.
Modi said that India’s challenge is not only to become self-sufficient, but also to achieve this goal within a certain time frame.
The Prime Minister also presented the ‘Assocham Enterprise of the Century Award’ to Tata Group.
In the last 100 years, ASSOCHAM and the entire Tata group have worked very hard to strengthen the Indian economy and help the common Indian. Ratan Tata has been honored for his distinguished contributions to the country, Prime Minister Modi said.
Tata Sons Chairman Emeritus Ratan Tata received the award on behalf of the conglomerate.
Accepting the award, Tata said, “In all my years in business, I have valued what our prime minister has wanted to do. He has led the country through the pandemic for which we should be grateful.
FDI flows in India during the pandemic
FDI in India grew 15% to $ 30 billion during the first half of the current fiscal year, according to previously released government data. Inflows to India during the April-September period were recorded at $ 26 billion, according to Department for the Promotion of Industry and Domestic Trade (DPIIT).
It should be noted that Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, attracted most of the foreign inflows to India during the period.
Since April 2020, RIL’s share price has doubled as the company raised over Rs 152 billion in Jio, Rs 53,124 crore in a rights issue, over Rs 37.7 billion in Reliance Retail and Rs 7.6 billion from BP for its Fuel Retail Association.
This record fundraising of over Rs 2.5 million lakh helped the company achieve net debt free status with a strong balance sheet.
