India is witnessing high foreign remittances & FDI inflow: Goyal

India as an investment destination is doing extremely well with the country witnessing high foreign remittances, foreign direct investment (FDI) and foreign institutional investment (FII) inflows, commerce and industry minister Piyush Goyal said.

In an interview with ET, he said the government keeps monitoring the expectations of the market and what investors want.

"We have one of the highest amount of foreign remittance and FDI coming into the country and FII investment is also beating all records. So India as an investment destination is doing extremely well," Goyal said on being asked if countries like Vietnam have attracted foreign capital because of easier compliances, something that India is still doing.

"SEBI has liberalised a number of regulations... It is a continuous process. We keep monitoring what are the expectations of the market and what investors-both domestic and international-want," he said, adding that policies which suit India's interest are continuously being taken up.

While the government has eliminated or simplified more than 40,000 compliances last year under the Jan Vishwas (Amendment of Provisions) Act, the minister said that there is a "huge effort on decriminalisation of laws so that there is less pressure on traders".

"It is a continuous process (to lower the compliance burden)...We have made strong efforts to make processes online. We want more ideas to continue to work to improve it," Goyal said

However, the minister ruled out any reforms in the country's FDI regime or a change of thinking on India's policy on investment coming from countries it shares a land border with."On both these fronts, nothing as yet.

The government is always open to ideas and open to discussion with trade and industry, investors and business. We keep exchanging ideas and seeing how we can facilitate investment and exports," Goyal said.

India opened up its space sector to foreign investment in March a move seen as key to attract SpaceX, an Elon Musk company, to invest in India.

India now allows upto 74% FDI under automatic route in satellites-manufacturing and operation, satellite data products and ground and user segments. This includes end-to-end manufacturing and supply of satellite and payload, establishing the satellite systems including control of in-orbit operations of the satellite and payloads. Musk is also the CEO of Tesla, the electric vehicle major, which plans to double its component imports from India and setup a manufacturing facility here. He was scheduled to visit India in April but had postponed his visit at the last moment citing "very heavy Tesla obligations". He went on a surprise visit to China a week later.

Goyal said the government hasn't had a chance to look at the issue of fresh talks with Tesla due to the elections.

"I'm not aware. We were busy with the elections. We have just got back to the office. We let you know as soon as there is progress. Right now we haven't had a chance to look at that," he said

In March, the government approved an EV policy under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million. They would be allowed to import a limited number of cars at lower import duty of 15% on vehicles costing $35,000 and above for five years from the date of issuance of the approval letter by the government. The maximum number of vehicles allowed to be imported at the reduced duty rate is capped at 8,000 per year. At present, a 70-100% duty is imposed on cars imported as completely built units depending on engine size and cost, insurance and freight value less or above $40,000.