New Delhi: Department for Promotion of Industry and Internal Trade (DPIIT) secretary Amardeep Singh Bhatia on Wednesday said that India is expected to hit $100 billion per annum in the coming years as the country is receiving foreign direct investments or FDI of up to $80 billion every year. “The department is also streamlining approval processes for FDI applications as it has taken a series of measures to promote investments into the country such as easing the norms in sectors such as defense, railways, insurance, and telecom,” he told reporters here.
As per the government data, the overseas inflows in the last 10 years (2014-24) stood at $667.4 billion as against $304.1 billion during 2004-14. The FDI equity inflow also reported in manufacturing sectors in the last 10 financial years (2014-24) was $165.1 billion, an increase of 69 per cent as compared to $97.7 billion received during the previous 10 financial years (2004-14).
In a move to promote investment into the country, the government is making its all-out efforts in several key sectors in the country. “Among all automobiles, telecommunications and pharmaceuticals were the sectors that saw the highest FDI into the country,” the secretary said, adding that the FDI in most sectors are permitted through an automatic route, barring few that still remain in the restricted category.
