FDI inflows jumped 42% since June 2014: Nirmala Sitharaman

'FDI dipped 16% globally, India continued to remain an attractive destination for foreign investors,' said the Commerce Minister

Commerce Minister Nirmala Sitharaman on Tuesday said foreign direct investment went up 42% since the NDA government assumed office in May 2014.

Highlighting "massive steps" taken by the Modi government to attract foreign investment in the country, the minister said 17 more sectors were further liberalised for FDI.

She said while FDI dipped 16% globally, India continued to remain an attractive destination for foreign investors.

"India received the highest-ever FDI in 2015-16. FDI increased by approximately 42% if you are comparing between June 2014 and March 2016," Sitharaman said while addressing women journalists at a workshop here.

In 2015-16 financial year through March, the inflows grew 29% to $40 billion as against $30.93 billion in 2014-15. FDI for 2015-16 was the highest since 2000-01.

Among others, the new government has liberalised FDI policy in sectors, including the railways, insurance and defence.

Sitharaman informed the participants that about Rs 36,500 crore have been saved through Direct Benefit Transfer (DBT) scheme.

She also said the government is committed to dealing with the menace of blackmoney in the country.

Citing examples of the government's action on this front, Sitharaman pointed to Rs 50,000 crore of indirect taxes that have been unearthed recently.