While the Free Trade Agreement discussion with the European Union is in midway, Indian has received quite an impressive investment. Well, the country has received $24 billion in FDI from European Union in the past three years.
Going by the official details, the country has received $6.23 billion in FDI from European Union in the fiscal year 2012-2013. The same increased to $9.06 billion in the next fiscal year.
However, the FDI equity flow took a plunge to $8.20 billion in the fiscal 2014-2015. This was a decrease of $862 million in comparison to the same of the previous year. In the first couple of months of the current fiscal year that is 2015-2016, the same has amounted to $1.39 billion. On the whole, India has got $24.91 billion of FDI equity inflows for now from the European Union in the time frame between April 2012 and May 2015.
The European Union has been the largest trading partner of India and the dual-way trade that is expected to swell to a great extent. This will happen only if the countries will firm up the Free Trade Agreement that is pending for long. This is officially termed BTIA (Broadbased Investment and Trade Agreement).
On Wednesday, India deferred scheduled discussion on the suggested pact later this month. The same was meant to resume after a two year gap following the ban imposed by the European Union on 700 generic drugs that were tested clinically by GVK Biosciences in India.
The 28 nation bloc maintained that it was willing to show flexibility on the key issues that stalled the discussions as FTA is going to be a win-win situation for both sides. The same was focusing on insurance, retail and banking sectors as they are considered the major ones for economic engagement in India.
The European Union is demanding massive duty cuts in automobiles and tax redaction in spirits and dairy products and wines. On the other hand, the Indian subcontinent is demanding to grant data secure nation status. The prime reason for the same is that India is among the countries that are considered to be insecure when it comes to data by the European Union.