Foreign direct investments into the country is on the rise, jumping to USD 12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said on Monday.

He also said the government is working on a mission mode to achieve exports target of USD 400 billion in 2021-22.

Addressing a meeting of different industry associations on promoting exports, Goyal shared, "India has received the highest ever FDI inflow in 2020-21. It surged by 10% to $81.72 billion and FDI during May 2021 is $12.1 billion, i.e. 203% higher than May 2020."

Goyal also said that the Government is working on a mission mode to achieve exports of $400 billion in 2021-22 and that the exports are recording healthy growth. He further shared that from 1-14 August, the outbound shipments grew 71% over the same period in 2020-21 and 23% in 2019-20.

Talking about employment, he said more than 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs will be created by 50,000 new startups in the next five years.

"The government has budgeted only Rs 17,000 crore for a scheme that is supposed to reimburse embedded levies paid on inputs consumed in exports in FY'22. It is far less than the government's initial estimate of Rs 50,000 crore each year. The budget for the RoDTEP scheme, including all tariff lines, need to be increased," he said.

Goyal also exhorted the industry to do more and said, "It is time for our industry to expand our capacity, capability and commitment to develop resilient global supply chains." He added that the Centre expects that the Indian industry should suggest areas for intervention through research, handholding of exporters/manufacturers, and deeper engagement with states and Missions.

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