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Tuesday, 31 May 2016

Highest ever FDI inflow in 2015-16: Commerce Minister

Tax holiday period for Start Ups in India could go up to seven years from the existing three.
Commerce Minister Nirmala Sitharaman said the Finance Ministry has been urged to take the step, while briefing the media on the achievements of her ministry, during the 2 years of the Modi govt's
reign, she claimed a massive jump in foreign direct investment in the country as a feather in the govt's cap.

Nirmala Sitharaman said in last 21 months FDI inflows have increased by 44% from US dollar 43.87 billion to 63.16 billion dollars. total FDI inflows during 2015-16 has been the highest ever in any financial year.

The union minister highlighted various initiatives taken by NDA govt in last 2 years under the flagship start up India programme. She added that government has recommended to finance ministry to raise tax holiday for start-ups to 7 yrs from 3 yrs.

A number of steps were taken for ease of doing business due to which india improved its ranking on world bank index. number of documents required for imports and exports have been reduced to just 3. India is also working improving trade relations with global trade partners.

With EU negoication on FTA is on, FTAs are being lined with Isreal, Gulf Cooperation Council.Further, talking about the 'twitter sewa' launched by the ministry, she said stakeholders are using this facility and their queries have been resolved on time. Within one month, 98 per cent cases have been responded to, the minister said, adding that out of 750 queries raised, 735 have been cleared. 

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