FDI up 9% in FY17 to highest level of $43.48 billion: Government

FDI up 9% in FY17 to highest level of $43.48 billion: Government

NEW DELHI: Inflow of foreign direct investment (FDI) into India increased by 9 per cent to record level of $ 43.48 billion in 2016-17 on account of reform measures undertaken(कार्य शुरू) by the government. In 2015-16, the country had attracted $ 40 billion foreign investments. "Increased FDI inflows in the country are largely attributed to intense and bold policy reforms the government undertook to bring pragmatism(व्यवहारवाद) in the FDI regime. The country has now become the topmost attractive destination for foreign investment," the commerce and industry ministry said in a statement. "The FDI equity inflow received during 2016-17 is $ 43.48 billion... It is the highest ever for a particular financial year," it said. It also said that the total FDI including re-invested earnings increased to a "new all time high" of $ 60.08 billion last fiscal from $ 55.6 billion in 2015-16. During the last three years, the statement said, the government eased foreign investment norms in as many as 21 sectors covering 87 areas. "This has resulted in increased FDI inflows which year after year is setting up new records," it added. Provisions were relaxed in sectors such as construction development, broadcasting, retail trading, air transport, insurance and pension. Further, the ministry said the FDI policy easing and improvement(सुधार की)  in ease of doing business help promote domestic industry, restricts import, create jobs and results in conserving(संरक्षण) valuable foreign exchange. "It has been the endeavor (प्रयास) of the government to put in place an enabling and investor friendly FDI policy. The intent all this while has been to make the policy more investor friendly," it added.  Further, it said the FDI equity inflows in the last three financial years rose by about 40 per cent to $ 114.41 billion as against $ 81.84 billion during previous three fiscal (2011-14) .