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All indicators point towards sharp economic recovery: Indian minister

23
Oct '21

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All indicators, including foreign direct investment (FDI) inflows, exports growth and gross domestic product (GDP), are pointing towards a clear and sharp economic recovery in the country, according to commerce and industry minister Piyush Goyal, who recently said forex reserves have constantly grown from $433 billion in September 2019 to $638 billion this September.

FDI inflows in the first four months of this fiscal rose by 62 per cent, which is higher than the corresponding figure last year, he told the India Energy Forum organised by CERAWeek in New Delhi.

"We are encouraged by all the economic indicators as they come out, which point to a very clear and sharp economic recovery. The GDP has grown by a record 20.1 per cent in the first quarter," he said.

Goyal further said the government has taken several steps to encourage growth and investment in the renewable energy sector with 100 per cent FDI through the automatic route.

India's renewable energy programme is among the largest in the world and the country has 101 GW renewable energy capacity as on September 30, 2021, he was quoted as saying by a news agency.

"We are aiming towards our initial target of 175 GW by end of 2022," Goyal said, adding India will achieve 40 per cent cumulative electricity capacity from non-fossil fuel-based energy resources by 2030.

Fibre2Fashion News Desk (DS)

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