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Govt reforms resulted in increased FDI inflow in country: Minister

The minister said that FDI inflows in India stood at $45.15 billion in 2014-15. (REUTERS)Premium
The minister said that FDI inflows in India stood at $45.15 billion in 2014-15. (REUTERS)

The minister said the series of measures taken by the government to improve the economic situation and convert the disruption caused by COVID 19 into an opportunity for growth includes ‘Atmanirbhar’ packages, introduction of PLI scheme in various ministries, investment opportunities under NIP and NMP, IILB, IPRS, and soft launch of the NSWS

The reforms taken by the government have resulted in increased Foreign Direct Investment (FDI) inflows in the country, said Minister of state for Commerce and Industry, Som Prakash. 

In a reply to a parliament question, the minister said that FDI inflows in India stood at USD 45.15 billion in 2014-15. “They have continuously increased since. India registered its highest ever annual FDI inflow of USD 84.84 billion in the financial year 2021-22." 

Prakash added that the ‘Make in India’ initiative was launched in 2014 to facilitate investment, foster innovation, build best in class infrastructure, and make India a hub for manufacturing, design, and innovation. “The initiative focuses on 27 sectors under ‘Make in India 2.0’. Department for Promotion of Industry and Internal Trade (DPIIT) coordinates action plans for 15 manufacturing sectors, while Department of Commerce coordinates 12 service sector plans." 

He said that investment outreach activities are done through ministries, state governments and Indian missions abroad for enhancing international co-operation and promoting both domestic and foreign investment in the country.

The minister added that the series of measures taken by the government to improve the economic situation and convert the disruption caused by COVID 19 into an opportunity for growth includes ‘Atmanirbhar’ packages, introduction of Production Linked Incentive (PLI) Scheme in various Ministries, investment opportunities under National Infrastructure Pipeline (NIP) and National Monetization Pipeline (NMP), India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), and soft launch of the National Single Window System (NSWS). 

Prakash said that keeping India’s vision of becoming ‘Atmanirbhar’ and enhancing manufacturing capabilities and exports, an outlay of Rs. 1.97 lakh crores were announced in Union Budget 2021-22 for PLI schemes for 14 key sectors of manufacturing, starting from fiscal year (FY) 2021-22. 

“As per Economic Survey 2021-22, in spite of Covid related disruptions there is trend of positive overall growth of Gross Value Addition (GVA) in manufacturing sector. The total employment in this sector has increased from 57 million in the year 2017-18 to 62.4 million in the year 2019-20," he added. 

The activities under the Make in India initiative are also undertaken by several central government ministries/ departments and various state and UTs Governments. Ministries formulate action plans, programmes, schemes and policies for the sectors being dealt by them, while States also have their own Schemes for attracting investments.

ABOUT THE AUTHOR

Swati Luthra

Swati Luthra writes on climate change, water, environment and forest issues for Mint. A graduate in Psychology, Swati has been mapping India’s policy initiatives to help meet the pledges made at CoP-26 including achieving net-zero carbon emissions by 2070.
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