India’s FDI reciepts to cross US$ 100 bn in FY23: Govt

Buoyed by economic reforms and favourable Ease of Doing Business ratings in recent years, the Indian government has stated that the country has received Foreign Direct Investment (FDI) worth US$ 83 billion over the past 8 years and this amount stands to reach US$100 billion under the Make in India initiative this year, according to a report from the Commerce Ministry.

The report said that the initiative has made substantial achievements across 27 sectors which include strategic sectors of manufacturing and services. In FY15, India’s FDI inflows stood at US$ 45.15 billion. India recorded the most FDI in FY22 at US$ 83.6 billion from 101 countries that have invested in 57 sectors across 31 Union Territories and States. 

The report from the Commerce Ministry also said that the Make In India initiative has achieved a push with the Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors. PLI schemes were developed to incentivise domestic production across the country’s growing sectors to boost exports, by strengthening domestic manufacturing, forming resilient supply chains, and making the industries more competitive.

Additionally, to build a semiconductor, display and design ecosystem in India, the government launched a US $10 billion incentive scheme for the sector in April, this year. 

Also, Under the Make In India initiative, the country’s toy industry has also witnessed steady growth in the last two years despite the pandemic. 

Media reports said that India’s manufacturing sector has witnessed several shifts, including an increase in domestic value addition & local sourcing, and a greater focus on R&D, innovation and sustainability measures. 

Source: Economic Times