India Targets USD 100 Bn In Annual FDI Inflows: DPIIT Secretary Amaradeep Singh

New Delhi, Sep 26 (KNN) In a recent statement, Amaradeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), announced India's ambitious goal to increase its annual Foreign Direct Investment (FDI) inflows to USD 100 billion in the coming years. 

This declaration was made on September 25 during a media briefing on the 10th anniversary of the 'Make in India' initiative.

Bhatia expressed confidence in surpassing the previous fiscal year's FDI target in FY25, citing a 26 per cent year-on-year increase in FDI inflows during the first quarter, which totaled USD 22.5 billion. 

He emphasised the government's efforts to streamline processes and reduce restrictions across sectors to attract higher investment growth.

Addressing concerns about the manufacturing sector's stagnant share of GDP over the past decade, Bhatia acknowledged the time required to build momentum and establish a robust ecosystem. 

He highlighted India's competitive advantage in low factory gate prices and ongoing efforts to reduce logistics costs.

The secretary noted strong interest from foreign delegations, including those from the UAE and EFTA countries, in investing in India. 

He expressed optimism about reaching the target of manufacturing contributing 25 per cent to GDP by 2030, aided by various government schemes.

Bhatia also discussed the impact of Production-Linked Incentive (PLI) schemes, which have reportedly generated nearly 900,000 jobs and led to production or sales worth Rs 1.4 lakh crore. 

He stated that there are no current plans to extend PLI schemes beyond the existing 14 sectors, with a continued focus on critical technologies.

While acknowledging the challenges, the DPIIT Secretary reaffirmed the government's commitment to easing investment processes under the 'Make in India' initiative, emphasising a dual focus on technology and investment to drive economic growth.

(KNN Bureau)