India’s commerce and industry ministry said the country has received the highest ever total foreign direct investment (FDI) during the first five months of the financial year (April-August 2020).
The total FDI inflow was $35.73 billion, which is 13 percent higher than the same period of the last fiscal year. “FDI equity inflow received during FY21 (April to August, 2020) is $27.1 billion. It is also the highest ever for the first five months of a financial year,” the Ministry of Commerce and Industry said, as quoted by the Economic Times.
According to the government, those trends are an endorsement of India’s status as a preferred investment destination amongst global investors. “Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country,” it said.
New Delhi intends to make its FDI policy more investor friendly, removing all the hurdles that have been hindering the investment inflows into the country. “The steps taken in this direction during the last six years have borne fruit as is evident from the ever-increasing volumes of FDI inflows being received into the country,” it said.
India’s total FDI stood at $6.5 billion in the first quarter of 2020-21, lower than the global projections by the United Nations Conference on Trade and Development (UNCTAD).
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