DPIIT identifies 106 companies across 30 countries for investment initiative

The initiative, aimed at encouraging investments in India, was recently discussed in a meeting organized by the Ministry of Commerce and Industry with industry representatives and exporters

July 10, 2023

This initiative holds significant importance as Foreign Direct Investment (FDI) in India saw a decline of 22% to US$ 46 billion in the fiscal year 2022-23

To promote investments in the country, the government is implementing measures such as reducing compliance burdens and easing foreign direct investment regulations

Investment roadshows are also planned in countries including the United States, Canada, the United Arab Emirates, and Saudi Arabia, among others

Singapore emerged as the top investor with US$ 17.2 billion FDI in FY23

The Department for Promotion of Industry and Internal Trade (DPIIT) announced last week that it identified 106 companies from 30 countries across various sectors as part of its strategic investment targets initiative. 

The initiative, aimed at encouraging investments in India, was recently discussed in a meeting organized by the Ministry of Commerce and Industry with industry representatives and exporters, according to media reports. 

The commerce ministry conducted an outreach program and arranged meetings and video conferences with the leadership of these companies. Government officials mentioned plans to engage with individuals of Indian origin (PIO) as part of the initiative.

To promote investments in the country, the government is implementing measures such as reducing compliance burdens, easing foreign direct investment regulations, introducing a logistics policy, launching a production-linked incentive scheme for 14 sectors, and simplifying procedures through the national single window system.

In addition to these efforts, investment roadshows are planned in countries including the United States, Canada, the United Arab Emirates, Saudi Arabia, the United Kingdom, Germany, Sweden, Japan, Taiwan, and South Korea.

This initiative holds significant importance as Foreign Direct Investment (FDI) in India saw a decline of 22% to US$ 46 billion in the fiscal year 2022-23.

Total FDI inflows, including equity, reinvested earnings, and other capital, decreased by 16% to US$ 70.97 billion in the last fiscal year compared to US$ 84.83 billion in 2021-22.

According to data from DPIIT, Singapore emerged as the top investor with FDI inputs of US$ 17.2 billion, followed by Mauritius with US$ 6.13 billion, the United States with US$6 billion, the United Arab Emirates with US$ 3.35 billion, the Netherlands with US$ 2.5 billion, during April-March 2022-23.

Source: Mint

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