1,330 foreign firms, subsidiaries have shut shop in last 3 yrs:Minister

As many as 1,330 foreign companies and subsidiaries of overseas firms have shut shop during the last three years, Parliament was informed on Friday

Piyush Goyal, Union Minister
Press Trust of India New Delhi
2 min read Last Updated : Feb 10 2023 | 7:42 PM IST

As many as 1,330 foreign companies and subsidiaries of overseas firms have shut shop during the last three years, Parliament was informed on Friday.

In the same period, however, as many as 4,994 new foreign companies and subsidiaries of foreign companies got registered in India, Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha.

There are 17,432 active foreign companies and subsidiaries of foreign companies operating in the country, he said.

"1,330 foreign companies and subsidiaries of foreign companies have closed during the past three years," he said.

He said that the closing of operations is a matter of private commercial business decision.

"It depends on a host of factors such as viability of operations, availability of resources, market size, infrastructure, political and macroeconomic climate as well as the decision of a particular business entity to operate in the country," Goyal added.

Meanwhile, replying to a question on trade gap, Minister of State for Commerce and Industry Anupriya Patel said India's trade deficit with China has increased to USD 73.3 billion in 2021-22, as against USD 44 billion in 2020-21.

"Most of the goods imported from China are capital goods, intermediate goods and raw materials which are used for meeting the demand of fast expanding sectors like electronics, telecom and power in India," she said.

She added that India's dependence on imports in these categories is largely due to the gap between domestic supply and demand.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Piyush GoyalEase of Doing Businesseconomic growth

First Published: Feb 10 2023 | 7:42 PM IST

Next Story