New Delhi, Sept 28: India has attracted $667.4 billion in Foreign Direct Investment (FDI) from 2014 to 2024, registering an increase of 119 per cent over the preceding decade (2004-14), according to government data.This investment has come across India and 57 sectors of the country and played an important role in the development of various industries.
In the last ten years, many important steps have been taken by the government to attract FDI into the country.
At present, except for strategically-important sectors, most are open for 100 per cent FDI through the automatic route.
According to data released by the Commerce Ministry, the manufacturing sector has received a cumulative FDI of $165 billion between 2014-2024.
This has seen an increase of 69 per cent as compared to 2004-2014 which was $97.7 billion.
As per the Global Trade Research Initiative report, FDI inflow worth $71 billion came to India in FY 23 and $70 billion in FY 24.
Recently, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary, Amardeep Bhatia said, “We are taking concrete steps to ensure that labour and skill-focussed industries receive priority, and investments through FDI reach $100 billion in coming years.”
Bhatia further said talks were being held with departments concerned to reduce compliances.
DPIIT has identified 100 issues related to compliances that need to be addressed. This will make the process much easier than before.
The government is continuously working towards improving the ease of doing business. More than 42,000 compliance requirements have been eliminated so far, which has significantly benefited the industry.
The Centre is also supporting states in implementing new reforms. A scheme like Production-Linked Incentive (PLI) has received a positive response, generating employment for 9,00,000 individuals under the programme, he added.