Home » Commerce and Industry » Centre’s reforms result in consistent increase of FDI inflow; FDI grows from US $ 45.15 billion in 2014-2015 to US$ 84.84 billion in 2021-22

Centre’s reforms result in consistent increase of FDI inflow; FDI grows from US $ 45.15 billion in 2014-2015 to US$ 84.84 billion in 2021-22

The reforms taken by Government have resulted in increased Foreign Direct Investment (FDI) inflows in the country. FDI inflows in India stood at US $ 45.15 billion in 2014-2015 and have continuously increased since then, and India registered its highest ever annual FDI inflow of US$ 84.84 billion (provisional figures) in the financial year 2021-22, Minister of State for Commerce and Industry, Shri Som Parkash said in reply to a parliament question today.

‘Make in India’ is an initiative which was launched on 25th September, 2014 to facilitate investment, foster innovation, build best in class infrastructure, and make India a hub for manufacturing, design, and innovation. It is one of the unique ‘Vocal for Local’ initiatives that promoted India’s manufacturing domain to the world. The ‘Make in India’ initiative is not a state/district/city/area specific initiative, rather it is being implemented all over the country.

‘Make in India’ initiative has significant achievements and presently 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. 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.

In addition to ongoing schemes of various Departments and Ministries, Government has taken various steps to boost domestic and foreign investments in India. These include the introduction of Goods and Services Tax, reduction in Corporate tax rate, interventions to improve ease of doing business, FDI policy reforms, measures for reduction in compliance burden, policy measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Programme (PMP), to name a few.

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 Monetisation Pipeline (NMP), India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), soft launch of the National Single Window System (NSWS), etc. An institutional mechanism to fast-track investments has been put in place, in the form of Project Development Cells (PDCs) in all concerned Ministries/ Departments of Government of India along with an Empowered Group of Secretaries (EGoS).

Keeping in view India’s vision of becoming ‘Atmanirbhar’ and to enhance India’s Manufacturing capabilities and Exports, an outlay of INR 1.97 lakh crore (over US$ 26 billion) has been 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, inspite 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.

The activities under the Make in India initiative are also being 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.

This information was provided by Minister of State for Commerce and Industry, Shri Som Parkash in reply to a parliament question today.

About IIPnews

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24

India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, ...

G20-Startup20 Engagement Group set to meet in Hyderabad; India to convene global support for start-ups, strengthen ecosystem synergies

The G20 Startup20 Engagement Group will hold its inception meeting in Hyderabad this week, featuring ...

Data on Employment in MSMEs

As per Udyam registration portal, the number of persons employed in the MSMEs which are ...

Contribution of MSMEs and Cottage Industry to GDP

As per the information received from Ministry of Statistics and Programme Implementation, the share of ...

Details of Fund Collected Under District Mineral Foundation by Different States

The Central Government under Section 20A of the MMDR Act has issued directions and circulated ...

Plastic Recycling Targets

Unmanaged and littered plastic waste including plastic packaging waste has adverse impacts on terrestrial and ...

New Airports Constructed and Upgraded

The Government has accorded ‘In-principle approval’ for setting up of 21 Greenfield Airports across the ...

25 Airports Authority of India airports have been earmarked for leasing over the years 2022 to 2025.

As per National Monetization Pipeline (NMP), 25 Airports Authority of India (AAI) airports namely Bhubaneshwar, ...

Policy for Promotion of Software Exports

As per National Association of Software & Services Companies (NASSCOM), exports from Indian Information Technology/ ...

Measures taken by Government to boost exports

The Government has taken the following measures to boost exports and reduce trade deficit: Foreign ...

WP2Social Auto Publish Powered By : XYZScripts.com