Parliament of India Lok Sabha House of the People

श्री पंकज चौधरी: माननीय अध्यक्ष जी, मैं आपके माध्यम से बताना चाहता हूँ कि आज हिन्दुस्तान के इतिहास में पहली बार हमने 400 बिलियन डॉलर्स से ज्यादा निर्यात को बढ़ावा दिया है। हमारी सरकार ने यह जो सारी व्यवस्थाएं की हैं, सारे कानूनों में बदलाव किया है, उसका ही यह परिणाम है कि आज हमारा निर्यात 400 बिलियन डॉलर्स से ज्यादा बढ़ चुका है।

कुंवर दानिश अली: सर, छात्रों की आत्महत्या पर जवाब दिलवा दीजिए।

SHRI BALUBHAU ALIAS SURESH NARAYAN DHANORKAR: I want to ask whether it is a fact that the same report recommends increased capital expenditure balanced by an increase in Government tax revenue with the goal to reach, at least, 22 per cent of tax-GDP ratio while the gross tax-GDP ratio in 2022 was just 10.12 per cent. Why is India taking no debt of more than Rs. 6.6 lakh crore even though it is the 2022-23 Budget?

श्री पंकज चौधरी: माननीय अध्यक्ष जी, मैं आपके माध्यम से बताना चाहता हूँ कि नीति आयोग ने वर्ष 2018 में स्ट्रेटेजी फॉर न्यू इंडिया @ 75 को बनाया था, उसका लक्ष्य यह था कि वर्ष 2022-23 तक हम भारत की अर्थव्यवस्था को 8 परसेंट से ज्यादा बढ़ाने का प्रयास करेंगे और हमारा निवेश 36 परसेंट होगा। इस बीच में कोविड आने से समस्याएं हुईं, लेकिन फिर भी प्रधान मंत्री जी के अथक प्रयास से हमारे देश का जीडीपी, जो कि माइनस 6 तक चला गया था, वह आज की डेट में 8.9 परसेंट पर है। आज भारत दुनिया में तेज गति से बढ़ती हुई अर्थव्यवस्था वाला देश है।

कुंवर दानिश अली : सर, आप मिनिस्टर जी को डायरेक्शन तो दे दीजिए।

माननीय अध्यक्ष : आप बैठ जाइए।

DR. SHASHI THAROOR : Sir, I am sorry to say that the overseas investors have pulled out a net Rs. 1,14,856 crore from the Indian markets in the current year so far. Foreign portfolio investors have sold domestic equities worth Rs. 48,261 crore and this is the sixth straight month that the foreign institutional investors have withdrawn from the positions in the Indian equity market - a trend which may unfortunately be exacerbated by the U.S. interest rates hike and commodity price hikes particularly of crude oil.

Would the hon. Minister care to explain the worrying trend of steadily declining investment by foreign portfolio investors in our country and whether the Government is taking any measures to rectify this current trend in the market? What specific things can be done to reverse something which has been steadily worsening for six months? It is a very serious question about the investment in our country that we need for our economy to grow.

श्री पंकज चौधरी: माननीय अध्यक्ष जी, मैं बताना चाहता हूँ कि जब से मोदी जी की सरकार आई है, तब से निश्चित तौर से देश में निवेश बढ़ाने के तमाम उपाय किए गए हैं। पूंजीगत व्यय में वृद्धि की गई है। आईबीसी कोड लाकर बैंकों की स्थिति को सुधारने का प्रयास किया गया है। देश में जो तमाम प्रकार की कर व्यवस्थाएं थीं, उनको समाप्त करके जीएसटी एक्ट लाया गया। पीएलआई स्कीम लाई गई। सभी कानूनों में सरलीकरण किया गया। आज कॉरपोरेट टैक्स दर में कमी आई है। हमने ईज ऑफ डुइंग बिजनेस में 80 पायदान की छलांग लगाई है। अध्यक्ष जी, आज भारत में इस कारण कहीं ना कहीं निवेश बढ़ रहा है।

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THE MINISTER OF FINANCE AND MINISTER OF CORPORATE AFFAIRS (SHRIMATI NIRMALA SITHARAMAN): Sir, investments will have to be gauged not just by looking at FIIs and FPIs which by very nature depend on the interest rates which keep moving up and down.

I am sure the senior Member who has held positions abroad will understand that FIIs and FPIs can be very tempted by interest rates elsewhere and prospects anywhere else as well. Sir, why is it that when I stand up to answer there is always this temptation to have a running commentary? Even learned Member Prof. Sougata Roy never ever forgets that he has to obstruct the Minister when she gives an answer! I wish he gets up and seeks a clarification after I finish rather than have small-time satisfactions of interrupting. Sir, through you I request him to listen to my answer. After that, he is very welcome, with your permission, to ask a question or seek a clarification. I have not yet finished yet.

Sir, FPIs and FIIs are obviously going to be, as it is typical of their very nature, coming in and going out. But what has got to be looked at, with fairness and objectivity, is the inflow of FDIs which has remained unabated. India is the highest receiver of FDIs since before COVID and that continues during COVID.

In fact, it continues very much significantly during COVID and subsequently also. It is that which indicates if the money which is coming in is staying invested in this country thereby creating jobs and prospects for us, and not by indicating only the FIIs and FPIs.

One last bit, Sir. FIIs and FPIs may come and go but today Indian retail investors have proven that even if they come and go, any shock that may come is now taken care of because of the shock-absorbing capacity the Indian retailer has brought into Indian market. I think we as a House should stand up and appreciate the Indian retailor who has invested a lot of confidence in the stock market today in India.