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Government will relax FDI rules to spur economic growth, create new jobs: Finance Secretary Garg
Jul 08, 2019
The Central government will hold discussions with various stakeholders to relax foreign direct investment (FDI) rules in sectors like insurance, aviation, and media, which will create new employment opportunities and spur economic growth, Finance Secretary Subhash Chandra Garg said on Saturday.
Talking to ANI, Garg said the country's annual investment volume is about Rs 55 lakh crore.
This needs to be increased to Rs 85 lakh crore per year for the economy to achieve the five trillion dollar mark by 2025. This means an increase of 8 to 10 per cent growth in investment levels every year.
His comments came a day after Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2019-20 that the government will strive to make India an attractive FDI destination hub by easing rules for single-brand retailers and other sectors like aviation, media, animation and insurance sectors.
He said the government will tap additional sources of revenue like opening up sectors for private and foreign investments, besides the monetisation of assets. The private sector needs to invest more in manufacturing and infrastructure to create employment opportunities for one crore people who enter the job market every year.
If every year, one crore people come to the job market, then one cannot resolve the issue by employing 50,000 to one lakh people in government jobs. Investments are necessary to address the issue. Investments will improve production and services. Once production and services are increased, then employment opportunities increase.
Garg said the Union Budget focuses on economic growth by increasing production and services which will create more employment opportunities. On fiscal deficit target, he said the target of 3.3 per cent of the GDP is a realistic estimate. We are hopeful that this year there will be no upward revision unlike last year.
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Agricultural & Processed Food Products Export Development Authority
(Ministry of Commerce & Industry,
Govt. of India)
NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
Phone : 91-11-26513204, 26514572, 26534186
Fax : 91-11-26526187