New Delhi: The government announced on Saturday that due to economic changes and the country’s business-friendliness, India is on track to bring in USD 100 billion in foreign direct investment (FDI) during the current fiscal year.
The nation experienced “largest ever” foreign inflows of USD 83.6 billion in 2021–22.
“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.
According to the article, the government has implemented a liberal and open policy that makes the majority of industries available to FDI via the automatic route in an effort to entice foreign investment.
In order to decrease unnecessary compliance burden, lower costs, and improve the ease of doing business in India, the reform measures include liberalising rules and regulations, it was said.
During the months of April and June of the current fiscal year, FDI equity inflows to India decreased by 6% to USD 16.6 billion. It also stated that the government had made a number of strategic interventions to combat the importation of dangerous and subpar toys and to improve domestic toy production.
Toy imports in 2021–2022 have fallen by 70% to USD 110 million (Rs 877.8 crore). However, exports increased by 61% to USD 326 million.
