India has received Foreign Direct Investment (FDI) inflows worth USD 339.55 billion in the last five years, Union Minister of State for Commerce and Industry Som Parkash said on Wednesday.
There has been a continuous increase in the inflow of FDI in recent years. It increased from USD 45.15 billion in 2014-15 to USD 81.97 billion in 2020-21.
During the year 2019-20, the FDI inflows to India stood at USD 74.39 billion. In 2018-19, it stood at USD 62 billion. In 2017-18, it was USD 60.97 billion and in 2016-17, the FDI inflow to India stood at USD 60.22 billion.
To promote FDI, the Government has put in place an investor-friendly policy, wherein most sectors are open for 100 per cent FDI under the automatic route, Parkash said in a written reply to a question in the Lok Sabha.
"Further, the policy on FDI is reviewed on an ongoing basis, to ensure that India remains attractive & investor friendly destination. Changes are made in the policy after having consultations with stakeholders including apex industry chambers, associations, representatives of industries/groups and other organizations," he said.
The government has recently undertaken a number of reforms across sectors. In the last one year alone, reforms in the FDI policy have been undertaken in sectors such as insurance, defence, petroleum and natural gas, and telecom.
The Minister noted that Foreign Direct Investment inflows serve to augment domestic investments, promote industrial development and employment generation across sectors and ancillary industries.
"Further, such investments bring international best practices and latest technologies which facilitate in skill development, export promotion and improvement of overall competitiveness of economy leading to overall economic growth and development in the country," he added.
( With inputs from ANI )
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