India Sets Ambitious Target of $100 bn Annual FDI, Says IT Minister Vaishnaw

Ira Singh
Khabar Khabaron Ki,19 Jan’24

India is actively pursuing a goal of attracting $100 billion in annual Foreign Direct Investment (FDI) in the coming years, according to Information Technology Minister Ashwini Vaishnaw.

Reportedly, Vaishnaw outlined a comprehensive growth strategy, foreseeing a consistent growth rate of 6-8 per cent over the next decade,at the World Economic Forum in Davos.He listed the four engines as investment in infrastructure,- both physical and digital, lifting up those at the bottom pyramid of the population, boosting manufacturing, and simplifying processes underlying ease of doing business.

India attracted FDI inflows of $33 billion in the first six months of the current financial year that started in April 2023. It recorded FDI of $71 billion in the 2022-23 financial year.India expects its economy to grow by 7.3% in this financial year, the highest rate of any of the major global economies, but it still has large numbers of unemployed young people- a key issue in the upcoming elections.

Vaishnaw compared hitting $100 billion with the inflows China attracted annually over more than a decade, adding investors now see India as the “most important investment destination”.