India's Manufacturing Sector Sees 69% Rise In FDI Inflows Over The Past Decade: Jitin Prasada
Date
8/10/2024 2:17:12 PM
(MENAFN- KNN India)
New Delhi, Aug 10 (KNN)
In a written statement to the Rajya Sabha on Friday, Minister of State for Commerce and industry Jitin Prasada revealed that foreign direct investment (FDI) inflows in India's manufacturing sector have seen a substantial increase over the past decade.
According to the data presented, FDI equity inflow in manufacturing rose by 69 per cent to USD 165.1 billion during the 2014-24 period, compared to USD 97.7 billion in the previous decade (2004-14).
This growth underscores India's increasing attractiveness as a destination for foreign investment in manufacturing.
The minister also reported that the country has received a total FDI inflow of USD 383.50 billion over the last five financial years (2019-20 to 2023-24).
In response to a separate inquiry, Prasada highlighted the positive impact of government initiatives on reducing import dependency across various sectors.
The mobile phone industry was cited as a notable example of this trend. Mobile phone imports decreased from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24.
Concurrently, mobile phone exports surged from Rs 1,566 crore in 2014-15 to over Rs 1,28,982 crore in 2023-24.
These figures indicate a significant shift towards domestic production and increased export capabilities in the mobile phone sector over the past decade.
The data presented to Parliament suggests that India is making strides in attracting foreign investment and bolstering its manufacturing capabilities, particularly in high-tech industries such as mobile phone production.
(KNN Bureau)
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