India, in the last seven financial years (2014-21), has received FDI inflow worth $440.27 billion which is nearly 58 per cent of the total FDI reported in the last 21 years ($763.83 billion) the Parliament was told on Friday.
India registered its highest ever annual FDI inflow of $81.97 billion (provisional figures) in 2020-21 despite the Covid-related disruptions, Minister of State for Commerce and Industry Anupriya Patel told the Rajya Sabha in a written reply.
This indicates increasing inclination of global companies to set up their business in India, she added.
India jumped to 63rd place in World Bank’s Ease of Doing Business ranking as per World Bank’s Doing Business Report (DBR) 2020 from a rank of 142 in 2014.
Keeping in view India’s vision of becoming ‘Atmanirbhar’ and to enhance its manufacturing capabilities and exports, an outlay of Rs 1.97 lakh crore (over $26 billion) has been announced in Union Budget 2021-22 for Production Linked Incentives(PLI) schemes for 14 key sectors of manufacturing, Patel said.
An Empowered Group of Secretaries has been constituted to fast track investments in the country. Similarly, Project Development Cells (PDCs) have been set up across Central Ministries/Departments to handhold investors and spur sectoral and economic growth.
Further, a GIS-enabled India Industrial Land Bank has been launched to help investors identify their preferred location for investment. A National Single Window System (NSWS) has also been soft launched in September 2021 to facilitate clearances for investors, the Minister said.