The Union government told Parliament on Friday that India registered its highest-ever annual Foreign Direct Investment (FDI) inflow of US$ 81.97 billion in 2020-21. The government said these trends in India’s FDI are an endorsement of its status as a preferred investment destination amongst global investors.
This information was given by the Minister of State in the Ministry of Commerce and Industry, Som Parkash, in a written reply in the Rajya Sabha in response to a question posed by CPI (M) MP John Brittas and Loktantrik Janata Dal MP M. V. Shreyams Kumar. The MPs from Kerala sought to know whether the government had taken any steps to bring global business into the country.
“Various initiatives/schemes have been launched by the Government for promoting growth and attracting investment in India,” Prakash said in the written statement. He added that it is because of these initiatives that India jumped to 63rd place in World Bank’s Ease of Doing Business [EODB] ranking as per World Bank’s Doing Business Report (DBR) 2020 from a rank of 142 in 2014.
He said the Department for Promotion of Industry and Internal Trade (DPIIT), in consultation with the state governments, had started a comprehensive reform exercise in states and union territories under Business Reforms Action Plan (BRAP). Under this plan, all states and union territories are ranked on the basis of reforms implemented by them on designated parameters. “This exercise has helped in improving business environment across states,” he said.
{{/usCountry}}He said the Department for Promotion of Industry and Internal Trade (DPIIT), in consultation with the state governments, had started a comprehensive reform exercise in states and union territories under Business Reforms Action Plan (BRAP). Under this plan, all states and union territories are ranked on the basis of reforms implemented by them on designated parameters. “This exercise has helped in improving business environment across states,” he said.
{{/usCountry}}Among other steps taken by the government to attract investors, Prakash also listed an Empowered Group of Secretaries that had been constituted to fast track investments in the country and Project Development Cells (PDCs) have been set up to handhold investors and spur sectoral and economic growth.
A GIS-enabled India Industrial Land Bank has been launched to help investors identify their preferred location for investment. National Single Window System (NSWS) has also been soft launched in September, 2021 to facilitate clearances for investors, he said.
The MoS said that no data is maintained on the number of companies that migrated from China to India during last year.