In Parliament, the Modi government told on Friday that during the last three years, 1,330 foreign companies and subsidiaries of foreign companies have been closed. However, in the same period, 4,994 new foreign companies and subsidiaries of foreign companies were registered in India. Commerce and Industry Minister Piyush Goyal has said this in a written reply to the Rajya Sabha. He said that at present 17,432 foreign companies and subsidiaries of foreign companies are working in the country.
Goyal gave these reasons
Goyal said that in the last three years, 1,330 foreign companies and subsidiaries of foreign companies have been closed. He said that the closure of operations is a matter of decision related to private commercial business. Goyal further said that it depends on many things. Such as visibility of operations, availability of resources, market size, infrastructure, political and macroeconomic environment along with the decision to operate a certain business unit in the country.
Meanwhile, answering the question on the trade deficit, Minister of State for Commerce and Industry Anupriya Patel said that India's trade deficit with China has increased from $ 44 billion in 2020-21 to $ 73.3 billion in the financial year 2021-22. Patel further said that most of the goods imported from China are capital goods, intermediate goods and raw materials, which are used to meet the demand of rapidly expanding sectors in India such as electronics, telecom and energy.
Why is the country dependent on imports, Goyal told
Patel also said that the reason behind India's dependence on imports in these categories is largely due to the gap between domestic demand and supply. Union Minister Piyush Goyal had earlier said that India and the US are looking for bilateral solutions to several long-standing World Trade Organization (WTO) disputes between the two countries. He said that we need to build a new partnership and system, so that the voice of the Global South is heard while making decisions.
No comments:
Post a Comment