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As ‘Make In India’ Drive Completes Eight Years, FDI Doubles To USD 83 Billion: Commerce Ministry by Carding Forum 2024
New Delhi: As ‘Make In India’, the flagship scheme of the Centre to facilitate funding and foster innovation completes eight years, the annual Overseas Direct Funding (FDI) practically doubled to USD 83 billion, Ministry of Commerce and Business mentioned.
As per the ministry, FDI inflows stood at $45.15 billion in 2014-2015 which reached USD 83.6 billion, the file excessive in 2021-22.
“The 12 months 2021-22 recorded the best ever FDI at $83.6 billion. This FDI has come from 101 nations, which has been invested throughout 31 states and UTs and 57 sectors within the nation. On the again of financial reforms and ‘Ease of Doing Enterprise’ in recent times, India is on observe to draw $100 billion FDI within the present monetary 12 months,” the ministry mentioned on Saturday.
As per the ministry, in a bid to draw overseas investments, the federal government has put in place a liberal and clear coverage the place most sectors are open to FDI beneath the automated route.
The ministry additional mentioned that with a view to enhance the drive, the Manufacturing Linked Incentive (PLI) scheme throughout 14 key manufacturing sectors was launched in 2020-21.
The PLI schemes embody strengthening home manufacturing, forming resilient provide chains, making the industries extra aggressive and boosting the export potential.
The scheme can be anticipated to generate important beneficial properties for manufacturing and employment, with advantages extending to MSME eco-system.
In keeping with the ministry, complemented by honest efforts of home toy producers, the expansion of Indian toy business has proven exceptional progress in lower than two years regardless of the Covid-19 pandemic.
The import of toys in 2021-22 lowered by 70 per cent to Rs 877.eight crore and there has additionally been an enchancment within the high quality of toys in home market.
Concurrently, the efforts of the business have led to an export of toys value Rs 2,601.5 crore on this fiscal, which is a rise of greater than 61 per cent over Rs 1,612 crore in FY18-19.