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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.