• Thursday, August 18, 2022

Business

India’s FDI inflow hits over £65b in FY22, an all-time high

Indian commerce and industry minister Piyush Goyal (ANI Photo)

By: Shubham Ghosh

INDIA’S inflow of foreign direct investment (FDI) scaled an all-time high of more than Rs 6.3 lakh crore (£62.5 billion) in fiscal year 2021-22, the country’s ministry of commerce and industry said on Friday (29).

In an official release, the ministry said, “India has received its highest ever FDI inflow of Rs 6,31,050 crores (£65.7 billion) in financial year 2021-22.”

ALSO READ: Singapore, US, Mauritius among top nations for FDI equity inflows into India

Moreover, FDI equity inflow in manufacturing sectors went up to Rs 1,58,332 crore (£16.5 billion) in FY 2022 from Rs 89,766 crore (£9.35 billion) in FY 21, seeing a rise of 76 per cent.

“Measures taken by the government on FDI policy reforms have resulted in increased FDI inflows in the country,” the ministry’s release stated.

Among the investor countries, Singapore was at the top with 27 per cent, followed by the US (18 percent) and Mauritius (16 percent) during the last fiscal.

Among the sectors, computer software and hardware attracted maximum inflows while services sector and automobile industry followed next, the data showed.

The government has put in place a “liberal and transparent policy for attracting FDI”, wherein most sectors, except certain strategically important sectors, are open for cent per cent FDI under the automatic route, the ministry added. It also said that subject to provisions of the FDI policy, foreign investment in the manufacturing sector is also under the automatic route.

[With agency inputs]

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