FDI in India Stands at $84.84 billion for 2021-22

In reply to a question in the parliament, Minister of State for Commerce and Industry Som Parkash said that reforms undertaken by the government have resulted in the rise in Foreign Direct Investment (FDI). He said that India recorded its highest-ever annual FDI inflow at $84.84 billion (provisional figures) for 2021-22, compared to $45.15 billion in 2014-15.

He stated that the FDI inflow has been continuously increasing since 2014. The Make in India initiative, launched in September 2014, provided a great stimulus to foreign investments in the country. The program encouraged innovation to help build world-class products in the country, transforming India into a global hub of design, manufacturing and ingenuity.

The increase in FDI was mainly the result of the various schemes brought out by the government. The introduction of GST, reduced corporate tax, improved conditions for ease of doing business, policy reforms for FDI, schemes to boost domestic manufacturing, etc., contributed to more foreign investors finding India as a valuable investment destination.

The government introduced a slew of measures to improve the economic situation after the world by hit by COVID-19.

Some of the measures include the National Infrastructure Pipeline (NIP), the Production Linked Incentive (PLI) scheme, the India Industrial Land Bank (IILB), and the soft launch of the National Single Window System (NSWS), among others.

The Union Budget for 2021-22 allocated ?1.97 lakh crores under the PLI scheme for 14 key manufacturing sectors to develop India’s manufacturing capabilities and exports to help the country become ‘Atmanirbhar’.

READ ALSO:

Sanction Hit Russia Seeks Indian Support For Auto parts

India-Australia Free Trade Agreement finalised to be Enforced