FDI sets a new record at $64.37bn in FY19: Centre
India received the highest-ever FDI inflow of USD 64.37 billion during the fiscal ended March 2019, said a government report.
According to the Annual Report 2018-19 of the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investments (FDI) worth USD 286 billion were received in the country in past five years.
“In the current financial year (2018-19), the country registered highest ever FDI inflow of USD 64.37 billion,” the report said.
Highlighting the importance of FDI, it said the foreign inflows bring in resources, the latest technology and best practices to push economic growth on to a higher trajectory.
The DPIIT under the commerce and industry ministry further said path-breaking reform measures undertaken during the last financial year have resulted in India surpassing the FDI received in 2016-17 and registering an inflow of USD 60.98 billion during 2017-18, a new all-time high.
The FDI inflows was USD 45.14 billion during 2014-15 when Prime Minister Narendra Modi-led NDA government assumed power. The inflows were USD 55.55 billion in the following year.
Besides, the DPIIT said an action plan for promotion of Indian ‘geographical indications’ (GIs) has been prepared. This can help supplement the incomes of our farmers, weavers, artisans and craftsmen. A logo and tagline for all Indian GIs has been prepared through crowd-sourcing.
The government regularly reviews the FDI policy, with a view to make it more investor-friendly.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)