The Indian government has set a target of 100 billion dollars for Foreign Direct Investment (FDI) this year. India sees investors staying away from neighbouring China as a big opportunity. The Indian government is trying to stand strong in front of foreign investors as an alternative to China. The central government has made complete preparations to show India’s status to FDI.
India Will Achieve FDI Target Of 100 Billion Dollars
Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade, told the Economic Times that he is confident that India will achieve the annual FDI target of $100 billion. There is full hope of achieving this target in the next 5 years. There is a positive atmosphere in the whole world regarding India.
Also, the whole world is expressing confidence in India’s economic progress. Rajesh Kumar Singh said that the average FDI in the last 5 years has remained at 70 billion dollars. There has been a decline this last year, but there is full hope of changing the financial year 2024-25 trend.
The World Is Working On China Plus One Policy
He said that the world’s big economies are expressing confidence in India and trying to protect their respective businesses from the ongoing global tensions. He does not want to concentrate his business in one place, so he has started working on the China Plus One strategy. Companies like Apple and Samsung have recently increased their manufacturing capacity in India. The effect of the measures initiated by Prime Minister Narendra Modi to increase manufacturing in the country is also visible.
Production Linked Incentive Program Gave Good Results
Rajesh Kumar Singh said there is great potential for development in sectors like electric vehicles, electronic goods, and general consumer goods in India. However, we are still far below the global average in these sectors. The government is ready to take more steps to increase FDI in the country and make necessary legal changes to increase manufacturing. The production-linked incentive program started by the government has also yielded good results.
