New Delhi:
India received foreign direct investment (FDI) worth $3.21 million in its defense industry during the April-September period of this fiscal year, Parliament was informed today.
The sector had attracted $2.36 million in foreign investment in 2021-22, $0.63 million in 2020-21, $2.20 million in 2019-20, $2.18 million in 2018-19 and $0.01 million in 2017-18, according to data from the Foreign Minister of Trade and Industry Som Parkash in a written response to the Rajya Sabha.
He said that in order to promote FDI, the government has introduced an investor-friendly policy whereby most sectors, except certain strategically important sectors, are open to 100 percent FDI through the automatic route.
“In addition, the policy on FDI is under constant review to ensure that India remains an attractive and investor-friendly destination and this has resulted in the increasing trend of FDI inflows in the country over the last eight years,” added Som Parkash. .
In a separate reply, the minister said total FDI inflows of $62.38 billion have been reported in the country by 2022 (until September).
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
Featured video of the day
India’s economy grows 6.3% in September