India on track to attract US$ 100 billion FDI this fiscal on back of reforms: Government
The government stated that India is on track to attract US$ 100 billion in foreign direct investment (FDI) in the current fiscal year as a result of economic reforms and ease of doing business. The country received the largest ever FDI inflows of US$ 83.6 billion in 2021-22.
This FDI came from 101 countries and was invested in 31 union territories and states, as well as 57 sectors in the country. On the back of recent economic reforms and ease of doing business, India is on pace to attract US$ 100 billion in FDI in the current fiscal year. In a statement, the Commerce Ministry stated that in order to encourage foreign investments, the government has implemented a liberal and transparent policy under which most sectors are open to FDI through the automatic route.
The reform measures include the relaxation of norms and regulations to eliminate unnecessary compliance load, lower costs, and improve the convenience of doing business in India, according to the statement. Toy imports have been reduced by 70% to US$ 110 million in 2021-22. Exports, on the other hand, increased by 61% to US$ 326 million.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.