Foreign direct investment inflow to India may touch $100 bn in 2022-23: Report

Last month finance minister Nirmala Sitharaman said FDI inflow had crossed $500 billion under prime minister Narendra Modi.

Published on: Apr 15, 2022, 15:52:04 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Foreign Direct Investment (FDI) inflow to India is expected to reach $100 billion in FY2022/23 supported by various economic reforms and increased ease of doing business, the PHD Chamber of Commerce and Industry (PHDCCI) said in a report Friday. The industry body also said it expected India's FY22/23 economic growth to be among the highest in the world.

PHDCCI president Pradeep Multani said he expected FY22/23 real GDP growth of over 8 per cent, which is nearly a full notch above the 7.2 per cent projected by the Reserve Bank of India.

It is, however, in line with the World Bank, which this week cut for India forecast citing worsening supply bottlenecks and rising inflation risks caused by the Ukraine crisis.

The PHDCCI report also suggested a ten-pronged strategy to strengthen national economic growth and achieve the target of becoming a $5 trillion economy in the next five years.

The suggestions include speedy infrastructure investments, inclusion of more sectors under the PLI scheme, increase in public investments in agriculture sector, addressing the high commodity prices and shortages of raw materials, news agency PTI reported.

Last month finance minister Nirmala Sitharaman said FDI inflow had crossed $500 billion under prime minister Narendra Modi, and that it was more than the sum received in the 10 years of the Congress-led United Progressive Alliance government.

FDI inflow in 2020/21 was a record $81.71 billion and it was $74.9 billion the previous year.

The government told parliament last month that these figures are an endorsement of the country's status as a preferred investment destination amongst global investors.

With input from ANI, PTI

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.