India's FDI in India doubles to $83 bn on 8th anniversary

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India's FDI in India doubles to $83 bn on 8th anniversary

The Make in India initiate to boost manufacturing in the country completes eight years on September 25 with annual foreign direct investment FDI doubling to $83 billion, according to the government on Saturday. In the current fiscal, India is on track to attract $100 billion FDI on the back of economic reforms and the ease of doing business. Make In India has accomplishments in 27 sectors. The commerce and industry ministry said in a statement 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 ever FDI was recorded at $83.6 billion in the year 2021 -- 22. This FDI has come 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 include 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 across 14 key manufacturing sectors was launched in 2020 -- 21 and is a big boost to the Make in India initiative. The PLI scheme encourages domestic production in strategic growth sectors where India has a comparative advantage. 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 for the MSME ecosystem expected to be extended. 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.