FDI equity flow jumped to $60 bn between June ’14 & Jan ’16’

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New Delhi | Published: May 31, 2016 2:44:32 AM

The country’s FDI equity flow jumped to $60.04 billion between June 2014 and January 2016, up 53% from $39.19 billion during the preceding 20 months, commerce and industry minister Nirmala Sitharaman said on Monday.

Gross FDI inflows hit a record in excess of billion in 2015-16, she said, listing achievements of her ministry in the past two years. (PTI)Gross FDI inflows hit a record in excess of billion in 2015-16, she said, listing achievements of her ministry in the past two years. (PTI)

The country’s FDI equity flow jumped to $60.04 billion between June 2014 and January 2016, up 53% from $39.19 billion during the preceding 20 months, commerce and industry minister Nirmala Sitharaman said on Monday.

Gross FDI inflows hit a record in excess of $51 billion in 2015-16, she said, listing achievements of her ministry in the past two years.

Tax holiday for start-ups

To help budding entrepreneurs, the commerce and industry ministry has forwarded an industry proposal to the finance ministry to consider raising tax holiday for start-ups to seven years from the current three years, Sitharaman said. “We shall pursue it and there shall now be a lot more interactions with them,” she said.

No export target for 2016-17

The commerce ministry hasn’t set any goods export target for 2016-17, but it will do everything possible to improve outbound shipment, the minister said. The country’s exports contracted for a 17th straight month through April. Exports dropped 16% in the last fiscal to touch a five-year-low of $261 billion.

Cabinet proposal on NICDA soon

The department of industrial policy and promotion (DIPP) will soon move a Cabinet proposal to set up the proposed National Industrial Corridor Development Authority (NICDA), DIPP secretary Ramesh Abhishek said on Monday. Finance minister Arun Jaitley had, in Budget 2014-15, said the NICDA would be headquartered in Pune and coordinate the development of all industrial corridors.

Rice export deal with Indonesia soon

India is on the verge of closing a deal to export rice to Indonesia, commerce secretary Rita Teaotia said on Monday. According to sources, India could sign the deal as early as this week to supply one million tonnes of non-basmati rice. While negotiations have been on, pricing remains a key issue.

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