India received record investment during coronavirus pandemic says Modi

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New Delhi: Prime Minister Narendra Modi on Saturday said the world has confidence in India which is reflected in record-high foreign investment into the country.

While delivering the keynote address at Assocham Foundation 2020 event, Modi also urged the citizens to exert all pressure in order to achieve Atmanirbhar Bharat.

“The world has confidence in the Indian economy. During the coronavirus pandemic when the world is distraught over channelling investments, we have received a record amount of Foreign Direct Investment (FDI). We have to increase our domestic investments in order to sustain this confidence,” PM Modi said.

“In the coming years, for Atmanirbhar Bharat, all of you should exert all possible force which can be mustered. The world is heading towards another Industrial Revolution. So from today we must plan & act on achieving our nation-building targets,” he added.

Modi said India’s challenge is not just to become self-reliant but also achieve this goal in a time-bound manner.

Prime Minister also presented the ‘Assocham Enterprise of the Century Award’ to Tata Group.

In the last 100 years, ASSOCHAM and the entire Tata group has worked very hard to strengthen India’s economy and help the common Indian. Ratan Tata has been honoured for his distinguished contributions to the country, said PM Modi

Tata Sons Chairman Emeritus Ratan Tata received the award on behalf of the conglomerate.

While accepting the award Tata said, “In all the years that I have been in business, I have valued what our PM has been wanting to do. He has led the country through the pandemic for which we should be obliged.”

FDI flows in India during pandemic

FDI into India grew by 15% to $30 billion during the first half of the current fiscal, as per government data released earlier. Inflows into India during April-September period were recorded at $26 billion, as per Department for Promotion of Industry and Internal Trade (DPIIT).

It is to be noted that billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) attracted a bulk of foreign inflows into India during the period.

Since April 2020, RIL share price has doubled as the company went to raise over Rs 152,000 crore in Jio, Rs 53,124 crore in a rights issue, over Rs 37,700 crore in Reliance Retail, and Rs 7,600 crore from BP for their fuel retailing partnership.

This record fundraising of over Rs 2.5 lakh crore helped the company achieve net-debt-free status with a robust balance sheet.

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