In accordance with the data by Ministry of Commerce and Industry, Foreign direct investment (FDI) equity inflow into India was increased by 37% to USD 43.85 billion during April-November 2020 (FY21). It was the highest ever for the first 8 months of a financial year and also 37% more compared to the first 8 months of FY20 (US$ 32.11 billion).
- These 8 months also saw the total FDI inflows (including reinvested earnings) increase by 22% to USD 58.37 billion as compared to the same period of FY20 when it was US$ 47.67.
The reason behind this increase is the efforts by Indian government which has made many reforms in FDI policy resulting in investment facilitation and ease of doing business. FDI in India is necessary for its development as it is an important source of non-debt finance.
Recent Related News:
i.The first-ever virtual Indo-Africa Summit, organized by IMC Chamber of Commerce and Industry (Indian Merchants’ Chamber) and Africa Business News (CNBC Africa), was held on November 4 to 6, 2020 which was addressed by Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry.
ii.On 8th December 2020, “Invest India” won the 2020 UNCTAD Investment Promotion Award by the United Nations Conference on Trade and Development (UNCTAD). Invest India is a non-profit venture under the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
About the Ministry of Commerce and Industry:
Union Minister– Piyush Vedprakash Goyal (Constituency- Rajya Sabha, Maharashtra)
Minister of State (MoS)– Hardeep Singh Puri, Som Parkash