New Delhi, Sept 24: India is on track to attract USD 100 billion Foreign Direct Investment (FDI) in the current fiscal on account of economic reforms and ease of doing business, the Government said on Saturday.
In 2021-22, the country received the ‘highest ever’ foreign inflows of USD 83.6 billion.
“This FDI has come from 101 countries, and invested across 31 Union Territories and States and 57 sectors in the country. On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract USD 100 billion FDI in the current FY (financial year),” the Commerce and Industry ministry said in a statement.
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The statement also mentions that the Government has installed a liberal and transparent policy to attract foreign investment. Currently, most sectors of the Indian economy are open to FDI under an automatic route.
The Foreign Direct Investment (FDI) in India can be made under two routes – automatic and Government routes. Under the automatic route, the investor requires no or very less permissions from the Reserve Bank of India (RBI) or from the Government of India to invest.
Under the Government rules, permissions from the appropriate authorities of the Government or the RBI are required to invest in the country.
The reform measures include liberalisation of guidelines and regulations, in order to reduce unnecessary compliance burdens, bring down costs and enhance the ease of doing business in India, the statement added.
Meanwhile, during the April-June quarter of the current fiscal, FDI equity inflows in India dipped by 6% to USD 16.6 billion.
The Government is also taking some strategic interventions in addressing the import of low-quality and hazardous toys and enhancing domestic manufacturing of toys, the statement added.
The import of toys in 2021-22 have reduced by 70 per cent to USD 110 million (Rs. 877.8 crore). On the other hand, exports rose by 61 per cent to USD 326 million. (PTI)
