India is on track to attract USD 100 billion foreign direct investment (FDI) in the current fiscal on account of economic reforms and ease of doing business, the government said on Saturday.
In 2021-22, the country received the “highest ever” foreign inflows of USD 83.6 billion.
“This FDI has come from 101 countries, and invested across 31 union territories and states and 57 sectors in the country. On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract USD 100 billion FDI in the current FY (financial year,” the commerce and industry ministry said in a statement.
It said that to attract foreign investments, the government has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route.
The reform measures include liberalization of guidelines and regulations, in order to reduce unnecessary compliance burden, bring down cost and enhance the ease of doing business in India, it added.
FDI equity inflows in India dipped by 6 per cent to USD 16.6 billion during April-June period of the current fiscal.
It also said that to address the import of low-quality and hazardous toys and to enhance domestic manufacturing of toys, several strategic interventions have been taken by the government.
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The import of toys in 2021-22 have reduced by 70 per cent to USD 110 million (Rs 877.8 crore). On the other hand, exports rose by 61 per cent to USD 326 million.