India is on track to attract $100 billion FDI this fiscal, says government

In 2021-22, the country received the "highest ever" foreign inflows of $83.6 billion.

September 24, 2022 04:19 pm | Updated 09:59 pm IST - New Delhi

Photo used for representation purpose only.

Photo used for representation purpose only. | Photo Credit: The Hindu photo library

India is on track to attract $100 billion in foreign direct investment (FDI) in the current fiscal on account of economic reforms and ease of doing business, the government said on September 24, 2022.

In 2021-22, the country received the "highest ever" foreign inflows of $83.6 billion.

"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, India is on track to attract $100 billion FDI in the current FY (financial year," the commerce and industry ministry said in a statement.

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.

The reform measures include liberalization of guidelines and regulations, in order to reduce unnecessary compliance burden, bring down cost and enhance the ease of doing business in India, it added.

FDI equity inflows in India dipped by 6% to $16.6 billion during 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 have reduced by 70% to $110 million (₹877.8 crore). On the other hand, exports rose by 61% to $326 million.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.