India is on track to attract $100 billion in foreign direct investment (FDI) in the current fiscal on account of economic reforms and ease of doing business, the government said on September 24, 2022.
In 2021-22, the country received the “highest ever” foreign inflows of $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 $100 billion FDI in the current FY (financial year),” the commerce and industry ministry said in a statement.
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 liberalization 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.
Make in India 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. Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors, was launched in 2020-21 as a big boost to Make in India initiative.
