FDI at USD 34.90 bn till Nov of FY'20: Govt

The Foreign Direct Investment (FDI) in India has been increasing on an annual basis and was at USD 34.90 billion till November of this fiscal, Parliament was informed on Tuesday.

The FDI stood at USD 62 billion in the full 2018-19 fiscal, while at USD 60.90 billion in 2017-18 and USD 60.22 billion during 2016-17, Minister of State for Finance Anurag Thakur said while placing the data in Rajya Sabha.

Speaking during the Question Hour, he said in spite of a global contraction in FDI inflows, FDI into India have significantly improved over the past decade to USD 62 billion, which accounts for 2.37 per cent of GDP in 2018-19 fiscal.

The success of various initiatives is reflected in the increased inflow of FDI and increase in Gross Fixed Capital formation, he said, adding that several measures taken by the government will further boost FDI in all sectors.

The investors confidence has gone up after the government took measures to improve ease of doing business, comprehensive reforms in the FDI policy and introduction of Insolvency and Bankruptcy Code, 2016 among others, he said.

As per the World Investment Report (WIR), 2019, India rose from twenty fifth position in 2018 and featured at ninth place with FDI contribution of 3.23 per cent, he added.