Report card on Modi’s foreign trips out
BY Tania Ameer3 Sept 2015 5:44 AM IST
Tania Ameer3 Sept 2015 5:44 AM IST
Prime Minister Narendra Modi’s foreign visits have been scrutinised minutely and critically examined.
However, to the dismay of naysayers, the data available with the government indicates that there has been a substantial growth in Foreign Direct Investment (FDI) equity inflow, which has increased by 47.2 per cent since the NDA came to power.
Modi’s international trips to 18 different countries in the last one year have managed to trigger an FDI equity inflow of $22,275.91 million. Curiously, developed nations did not top the chart of investors. Instead, the top five contributors to FDI are — Mauritius, followed by Singapore, Japan, USA and Germany. Speaking to Millennium Post, Minister of State (Independent Charge) for Commerce and Industry Nirmala Sitharaman said, “There has been 47.20% increase in FDI inflow equity from eighteen countries which the PM has visited in one year. There has been <g data-gr-id="170">considerable</g> increase in FDI coming from those countries.”
According to the information provided by the Ministry of Commerce and Industry, “the total FDI equity inflow from 18 countries visited by Prime Minister during the last one year from April 2014 to March 2015 has been $22,275.91 million.”
The ministry said the FDI equity inflow from Mauritius amounted to $9030.15 million, followed by Singapore which provided <g data-gr-id="166">a FDI</g> equity of $6742.28 million, then Japan with $2084.23 million and then USA with $1823.6 million.
Other contributors included — Germany with $1124.86 million FDI equity inflow, France $634.62 million , China with $494.75 million, South Korea with $146.54 million, Canada with $91.1 million, Australia with a FDI equity inflow of $57.96 million, Seychelles with $40.62 million, followed by Brazil with $.63 million and then Nepal with $.02 million.
Remaining four countries like Bhutan, Myanmar, Fiji and Mongolia, which PM visited, had no FDI equity inflows generated. In the financial year 2013-2014, the FDI equity inflow from these eighteen countries was $ 15132.76 million.
Asked on the dip in GDP from 7.5 per cent to 7 per cent, Sitharaman said, “India is one of the fastest growing economies in the world. In <g data-gr-id="174">one quarter</g> instead of 7.5 <g data-gr-id="91">per cent</g> if GDP has come down to 7 <g data-gr-id="92">per cent</g>, I feel that soon after the monsoon, when <g data-gr-id="173">festive</g> season begins… a lot of positive engagements will happen, there can be a rise in demand, then the next quarter’s growth can go back to 7.5 <g data-gr-id="93">per cent</g> or more.”
Describing the Yuan devaluation issue as “a matter of serious concern”, the minister <g data-gr-id="181">said</g> “talks with various sectors from the industry are being held to take cautionary measures”. “There are measures we can implement, but for that we are asking the industry to give us data. Safeguards <g data-gr-id="177">are measures</g> which began under the World Trade Organisation (WTO) rules in order to stop imports, similarly there can be import duties levied. Also, if there are reasons to believe that there is dumping happening in India by subsidies which have been given by China for certain goods which can otherwise cost more, we can bring in anti-dumping duties.”
PM trips bring in FDI
Total FDI equity inflow from 18 countries visited by PM from April 2014 to March 2015 = 22,275.91 US million dollars.
Increase in growth percentage is 47.20%
Highest investment came from:
COUNTRY AMOUNT
1-Mauritius 9,030.15 US million dollars
2-Singapore 6,742.28 US million dollars
3-Japan 2,084.23 US million dollars
4-USA 1,823.6 US million dollars
5-Germany 1,124.86 US million dollars
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