India will attract the highest-ever inflow of foreign direct investment (FDI) in the current fiscal year (2014-15) on the back of a slew of policy reforms announced by the new government, a senior DIPP official has said.
“I am sure we would achieve an all-time high in FDI inflows in FY15 given the extra focus on the same we are giving,” Joint Secretary in the Department of Industrial Policy and Promotion Atul Chaturvedi said at an event organised by Ficci in Mumbai on Wednesday’s evening.
He, however, declined to give a target for the inflows which the government is expecting for the fiscal year.
Mr Chaturvedi said the highest ever FDI flows received by the country were in FY12 at $35.12 billion. He also said that in four months of this fiscal year alone, the flows have crossed $10.75 billion.
“We are looking at increasing FDI with all these promotional measures and promoting the country as an investment destination,” he said.
It can be noted that the new government has undertaken a slew of measures, including upping the FDI in defence and insurance sectors to 49 per cent and also having a clause to make it 100 per cent in some cases, and allowing foreign investment in railways in all areas excluding operations, among others.
These measures have been complimented with high profile state visits like one by Prime Minister Narendra Modi to Japan and the US, where a strong pitch for attracting investments have been made.
The government has also initiated campaigns like the high decibel ‘Make in India’ initiative which is directed towards making the country a manufacturing base, which will also involve attracting higher foreign direct investments.