12-08-2024 10:43 AM | Source: Accord Fintech
FDI in manufacturing surges 69% to $165 billion during 2014-24: Jitin Prasada

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Minister of State for Commerce and Industry Jitin Prasada has said that foreign direct investment inflows in the manufacturing sector during 2014-24 rose by 69 per cent to $165.1 billion. He said that India is rapidly emerging as a preferred country for foreign investment in the manufacturing sector. 

He stated ‘FDI equity inflow in the manufacturing sectors in the last ten financial years (2014-24) has increased by 69 per cent to $165.1 billion as compared to $97.7 billion in the previous ten financial years (2004-14).’ He also said that the total FDI inflow of $383.50 billion has been reported in the country during the past five financial years (2019-20 to 2023-24).

Besides, he said that the initiatives taken by the Government have led to a decline in dependency on imports in several sectors including mobiles. The import of mobile phones has decreased from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24. He said, 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.