India on track to attract US$100 Bn FDI in the current FY says Ministry of Commerce & Industry

21 Mar 2024 , 05:38 PM

Make in India, the flagship program of the Government of India that aspires to facilitate investment, foster innovation, enhance skill development, and build best-in-class manufacturing infrastructure, completes 8 years of reforms on 25th September 2022. Launched in 2014 under the dynamic leadership of the Hon’ble Prime Minister Narendra Modi, ‘Make in India’ is transforming the country into a leading global manufacturing and investment destination. The initiative is an open invitation to potential investors and partners across the globe to participate in the growth story of ‘New India’. Make In India has substantial accomplishments across 27 sectors. These include strategic sectors of manufacturing and services as well. To attract foreign investments, Government of India has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route. FDI inflows in India stood at US $ 45.15 billion in 2014-2015 and have since consecutively reached record FDI inflows for eight years. The year 2021-22 recorded the highest ever FDI at $83.6 billion. This FDI has come from 101 countries, and invested across 31 UTs and States and 57 sectors in the country. On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract US$ 100 Bn FDI in the current FY. Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors, was launched in 2020-21 as a big boost to Make in India initiative. On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract US$ 100 Bn FDI in the current FY. Powered by Capital Market - Live News