New Delhi: The government on Saturday said India is on track to attract USD 100 billion in foreign direct investment (FDI) in the current fiscal on account of economic reforms and ease of doing business. In 2021-22, the country received the “highest ever” foreign inflows of USD 83.6 billion.
The commerce and industry ministry in a statement said, “This FDI has come from 101 countries and invested across 31 union territories and states and 57 sectors in the country. On the back of economic reforms and Ease of Doing Business in recent years,”
It said that to attract foreign investments, the government has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route.
FDI equity inflows in India dipped by 6 percent to USD 16.6 billion during the April-June period of the current fiscal. It also said that to address the import of low-quality and hazardous toys and to enhance domestic manufacturing of toys, several strategic interventions have been taken by the government.
The import of toys in 2021-22 has reduced by 70 percent to USD 110 million (Rs 877.8 crore). On the other hand, exports rose by 61 percent to USD 326 million.
India’s FDI inflows reached record levels during 2020-21. The total FDI inflows stood at US$ 81,973 million, a 10% increase over the previous financial year. According to the World Investment Report 2022, India was ranked eighth among the world’s major FDI recipients in 2020, up from ninth in 2019.
Trend on Foreign Direct Investment (FDI) in India. Singapore (27.01%) and USA (17.94%) have emerged as top 2 sourcing nations in FDI equity flows into India in FY2021-22 followed by Mauritius (15.98%), Netherland (7.86%) and Switzerland (7.31%).
(Vinayak)
