India FDI doubles to $83 bn on 8th anniversary

86
2
India FDI doubles to $83 bn on 8th anniversary

The government said on Saturday that the Make in India initiates to boost manufacturing in the country completes eight years on September 25 with annual foreign direct investment FDI doubling to $83 billion. India is on track to attract $100 billion FDI in the current fiscal because of economic reforms and ease of doing business in recent years. Make In India has a lot of accomplishments in 27 sectors. The commerce and industry ministry said that these include strategic sectors of manufacturing and services. In 2014 -- 2015 FDI in India was $45.15 billion and have since reached record FDI inflows for the last eight years, it said. The highest FDI was recorded in the year 2021 -- 22 at $83.6 billion. This FDI came from 101 countries and invested across 31 UTs and States and 57 sectors in the country, it said. There are several trends that mark a shift in Indian manufacturing, which includes an increase in domestic value addition local sourcing, a greater focus on R D, innovation and sustainability measures. It said that the Production Linked Incentive PLI scheme was launched across 14 key manufacturing sectors in 2020 -- 21 is a big boost to the Make in India initiative. Domestic production in strategic growth sectors, where India has comparative advantage, is encouraged by the PLI scheme. This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential. The PLI scheme is expected to generate significant gains for production and employment with benefits that are extending to the MSME eco-system. The government has launched a $10 billion incentive scheme to build a semiconductor, display and design ecosystem in India, in recognition of the importance of semiconductors in the world economy. The growth of the Indian toy industry has been remarkable in less than two years despite the Covid-19 pandemic, despite the efforts of domestic toy manufacturers.