Foreign direct investment in India increased to $61.96 billion in 2017-2018, DIPP Secretary Ramesh Abhishek said on Friday, 8 June.
FDI inflows stood at $60 billion in the previous fiscal year.
He also said during the four years of the Modi government, foreign inflows jumped to $222.75 billion from $152 billion in the previous four-year period.
However, according to a UNCTAD report, foreign direct investment (FDI) to India decreased to $40 billion in 2017 from $44 billion in 2016, while outflows from India, the main source of investment in South Asia, more than doubled.
Speaking about the FDI increase, Minister of Commerce and Aviation Suresh Prabhu said: “This is much higher than the FDI inflow of $140 billion in the previous four years,” The Hindu Business Line reports.
He added that the Commerce & Industry Ministry had finished work on the National Industrial Policy and would be out soon.
We have already held intensive consultations with stakeholders. I have written a letter to my colleagues in other ministries for their comments.Suresh Prabhu, as reported by The Hindu Business Line
He also claimed that India would soon be a $5 trillion economy and that his Ministry was strategising a plan to make sure that the manufacturing sector would contribute to 20 percent of the GDP, in the upcoming seven years, the report adds.
(With inputs from PTI and The Hindu Business Line)
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