Centre’s reforms result in consistent increase of FDI inflow; FDI grows from US$ 45.15 billion in 2014-15 to US$ 84.84 billion in 2021-22
Government’s reforms have seen a surge in Foreign Direct Investments (FDI) inflows in the country. The FDI inflows in 2014-15 in India were US$ 45.15 billion, which have now increased to the highest ever- US$ 84.84 billion in 2021-22, according to Mr. Som Parkash, the Minister of State for Commerce and Industry.
Along with introducing initiatives like ‘Make in India’, which was launched to make India a hub for manufacturing, design, and innovation and currently focuses on 27 sectors, the Government has taken various steps to promote domestic and foreign investments in India. These steps encompass the introduction of Goods and Services Tax (GST), reduction in the corporate tax rate, FDI policy reforms, Phased Manufacturing Programme (PMP), etc.
Despite the interference of Covid, Gross Value Addition (GVA) in the manufacturing sector has seen positive overall growth. The total employment in the manufacturing sector increased from 57 million in the year 2017-18 to 62.4 million in the year 2019-20.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.