FDI In India’s Manufacturing Up 69% Since 2014: Minister for Commerce
In response to another question, he highlighted that government initiatives have successfully reduced dependency on imports in various sectors, including the mobile industry.
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Foreign direct investment inflows into India's manufacturing sector increased by 69% over the period from 2014 to 2024, reaching $165.1 billion, according to a statement provided to Parliament on Friday.
In a written response to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India is swiftly becoming a favored destination for foreign investment in the manufacturing sector.
"FDI equity inflow in the manufacturing sectors in the last ten financial years (2014-24) has increased by 69% to $165.1 billion as compared to $97.7 billion in the previous ten financial years (2004-14)," he said.
He also noted that the total foreign direct investment (FDI) inflow into the country amounted to $383.50 billion over the past five financial years (2019-20 to 2023-24).
In response to another question, he highlighted that government initiatives have successfully reduced dependency on imports in various sectors, including the mobile industry.
The import of mobile phones has decreased from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24.
On the other hand, the exports have increased from Rs 1,566 crore in 2014-15 to more than Rs 1,28,982 crore in 2023-24, he said.
(With Inputs From PTI)
