Blitz Bureau
India is emerging as a top destination for foreign investment in the manufacturing sector and in the last decade, foreign direct investment (FDI) inflows in the sector surged almost 69 per cent to reach $165.1 billion, according to the government.
Jitin Prasada, Minister of State for Commerce and Industry, informed that FDI equity inflow in the manufacturing sectors in the last 10 financial years (2014-24) has increased by 69 per cent to $165.1 billion as compared to $97.7 billion in the previous 10 financial years (2004-14).
In a reply to a question in the Rajya Sabha, the minister said the total FDI inflow of $383.5 billion came during the past five financial years (2019-20 to 2023-24) alone, mainly driven by production-linked incentive (PLI) schemes.
According to a latest HSBC survey, the manufacturing activity in India continued to expand at a robust pace in July on the back of strong domestic demand and new export orders.
The latest government data showed that 755 applications have been approved across 14 key sectors under the PLI schemes and investment of Rs 1.23 lakh crore have been realised (till March), resulting in around 8 lakh jobs. The PLI schemes for 14 key sectors were announced with an outlay of Rs 1.97 lakh crore (over $26 billion) to enhance the country’s manufacturing capabilities and exports.
