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Union Minister of State for Commerce and Industry Som Parkash has said that India received foreign direct investment (FDI) worth $3.21 million in defence industries during April-September period of FY23.

The minister stated that the sector had attracted $2.36 million 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. He said to promote FDI, the government has put in place an investor-friendly policy, wherein most sectors, except certain strategically important ones, are open for 100 per cent FDI under the automatic route.

Further, Parkash said the policy on FDI is reviewed on an ongoing basis, to ensure that India remains an attractive and investor-friendly destination and this has resulted in the increasing trend of FDI inflows into the country since the last eight years. He also said total FDI inflow of $62.38 billion has been reported in the country during 2022 (up to September).