India received 65% more FDI during Modi regime against 10 years of UPA rule: Nirmala Sitharaman

Published - March 29, 2022 07:34 pm IST - New Delhi

Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the second part of Budget Session of Parliament, in New Delhi, on March 29, 2022.

Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the second part of Budget Session of Parliament, in New Delhi, on March 29, 2022. | Photo Credit: PTI

Finance Minister Nirmala Sitharaman on Tuesday said FDI into the country during the Modi government was $500.5 billion, which is 65% more than the amount received in the 10 years of the UPA government, as investors have trusted the economic management of the current regime.

Replying to the discussion on the Finance Bill, 2022, and Appropriation Bill, 2022, the minister said India continues to remain among the top five foreign direct investment recipient countries in the world, as per a UNCTAD report.

The FDI inflow in 2020-21 was $81.72 billion compared to $74.9 billion in the preceding financial year.

Despite the covid pandemic, she said the government did not resort to taxes for resource mobilisation and no tax was increased to fund the economic recovery.

On the other hand, as per an OECD report, as many as 32 countries had resorted to an increase in their tax rates to fund their economic recoveries.

Ms. Sitharaman also highlighted that the war between Russia and Ukraine is affecting all countries like the pandemic had.

The finance minister also said ₹8.35 lakh crore has been devolved to states from central taxes in the current fiscal, higher than the revised estimate of ₹7.45 lakh crore for 2021-22.

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