India's FDI in India doubles to $83 bn in eight years

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India's FDI in India doubles to $83 bn in eight years

The make in India initiates to boost manufacturing in the country completes eight years on 25 September with annual foreign direct investment FDI doubling to $83 billion, according to the government on Saturday. India is on track to attract $100 billion FDI in the current fiscal thanks to economic reforms and the 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, India's FDI inflows were $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. The FDI has come from 101 countries, and has invested in 31 UTs and States and 57 sectors in the country, it said. There are several trends that mark a shift in Indian manufacturing, including 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 extend to the MSME eco-system. The government has launched a $10 billion incentive scheme to create a semiconductor, display and design ecosystem in India, as a result 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 Covid-19pandemic, despite the efforts of domestic toy manufacturers.