FDI in India rises up by 18 per cent to reach USD 73 billion in 2019-20
As per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), this jump in the investment has been the highest in four years.
Union Commerce and Industry Minister, Piyush Goyal on May 28 stated that the total Foreign Direct Investment (FDI) in India has grown by 18% to reach 73 billion in FY 2019-20. He further asserted that this long- term investment will help in job creation.
As per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), this jump in the investment has been the highest in four years. The Union minister further added that the total FDI has doubled up from 2013-14 when it was only USD 36 billion.
Piyush Goyal attributed the investment inflow as a strong vote of confidence in Make in India Programme launched by Narendra Modi’s Government.
The Union Minister shared the news of increased investment in India on his official twitter account mentioning that this will spur the job creation in India.
In another strong vote of confidence in Make in India, total FDI into India grew at 18% in 2019-20 to reach $73 Bn. Total FDI has doubled from 13-14 when it was only $36 Bn. This long term investment will spur job creation.— Piyush Goyal (@PiyushGoyal) May 28, 2020
Sectors with most foreign Inflows:
Sectors in India that attracted the highest foreign inflows during the Financial Year 2019-20 included:
• Services ($7.85 billion)
• Telecommunications ($4.44 billion)
• Computer Software and Hardware ($7.67 billion)
• Trading ($4.57 billion)
• Automobiles ($2.82 billion)
Apart from this, the investment in construction, services, and chemicals has been lower than the previous financial year.
Singapore as the largest FDI source:
Singapore has once again emerged as the largest equity FDI source by contributing to inflows of $14.67. However, the mentioned inflow is a drop from $16.22 billion that Singapore contributed in the financial year of 2018-2019.
In April-March 2018-19, total FDI inflows that included the investment through the reinvested earnings, equity, and other capital stood at $62 billion.