1 Foreign Company Closed Down Every Day Since 2014: 2783 Foreign Firms Left India In 7 Years
Commerce and industry minister Piyush Goyal shared with the Parliament that from 2014 till November 2021, 2,783 foreign companies closed their operations in India.
How Many Foreign Cos Remain?
Till date, 10,756 foreign companies have registered with liaison/ branch office/project offices in India.
The companies that left did so because of reasons such as completion of business objectives/ projects, restructuring by the parent company, amalgamation, and other management decisions.
As on November 30, there are 12,458 active subsidiaries of foreign companies.
Average At Ease Of Doing Business
It’s worth noting that India is currently ranked 63 out of 190 in the World Bank’s Ease of Doing Business index.
India has worked hard to climb up the ranks in the past 7 years and the results are plain to see as it has come up 79 places in the rankings.
However, there is always room for improvement if it wants to attract more and more foreign investment.
How Are Countries Judged?
The World Bank evaluates countries on the basis of the difficulties or ease of starting business for foreign companies.
The top countries on the list have policies in place which are appealing for any foreign company to start business.
Medical Exports Grow
Exports of medical equipment and pharmaceuticals have seen a growth of 10% and 18.19% respectively.
Medical equipment exports amounted to $2532.16 million in FY21 which include Consumer Durables, Electronics equipment, Implants, IVD Reagents, Surgical Instruments.
Pharmaceuticals worth $24.4 billion were exported last fiscal which include Ayush & herbals, bulk drugs & drug intermediates, drug formulations & biologicals, surgicals.
Women-Led Startups Grow
Women-led startups are on the rise.
46% of the 58,000 plus recognised startups have at-least one-woman directors.
55 women-led startups have been sanctioned financial assistance, out of which 30 were approved funds of Rs 1.948 crore.
Covid Affected Startups Funding
An aggregate amount of Rs 21.68 crore has been sanctioned to 14 startups under the Covid-19 Startup Assistance Scheme (CSAS).
CSAS was launched by Small Industries Development Bank of India or SIDBI on April 6, 2020 for a limited period of 30 days.
Currently, no loan is being provided under the CSAS.
States Want To Build MITRA Parks
Several states have evinced interest in setting up PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks.
These include Tamil Nadu, Punjab, Odisha, Andhra Pradesh, Gujarat, Rajasthan, Assam, Karnataka, Madhya Pradesh and Telangana.