Preparing plan for $100bn FDI inflow: Prabhu

Commerce and industry minister Suresh Prabhu said the government is working on a blueprint to increase FDI inflows to $100 billion through a targeted approach.

“We have removed almost all sectoral restrictions. I have asked Invest India to identify those who can get that amount. I am getting research done on companies who have the cash, where they will invest, what is the sectoral intent and I am personally talking to Fortune 500 companies and requesting them to come. We will make sure that we will take it to a new level,” he said at the Global Business Summit. In 2017-18, FDI flows into India were estimated at over $61 billion.

Prabhu also said that India’s merchandise exports are expected to close the financial year at a record high and for the first time goods and services exports could top the $500 billion mark.

The minister outlined his strategy to create a win-win partnership with other countries and retain the focus on a collaborative approach to global trade at a time when countries such as the US were seeking to undermine the relevance of the World Trade Organisation.

“We are now working in partnership with Russia to import diamonds, which will give us access to raw material and work together. With the Middle East, we are working on creating a supply chain where we will invest, they will invest and we will export it back to them... We will forge strong ties that will benefit India and the world,” he said, while adding that the collaboration with West Asia was for food products.

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