ENA Economy 2024-07-19 15:40:31 <p><span style="font-size:14px"><strong>New Delhi, Jul 19 (KNN)</strong> India aims to significantly increase its annual foreign direct investment (FDI) inflows to propel economic growth, according to a senior official at the country's investment promotion agency.</span></p> <p><span style="font-size:14px">Nivruti Rai, Managing Director, Invest India, stated in a Bloomberg TV interview on Thursday that the country's goal is to attract USD 110 billion in FDI annually over the next seven years.</span></p> <p><span style="font-size:14px">This target represents a more than 50 per cent increase from the current average and would amount to over USD 1 trillion in the next decade.</span></p> <p><span style="font-size:14px"> We have to work hard toward growing at a rate higher than 10 per cent, Rai said, emphasising the need for substantial economic expansion.</span></p> <p><span style="font-size:14px">Invest India, a joint venture between the Ministry of Commerce and private business chambers, reports that India's annual average FDI for the seven years ending March 2023 was USD 71 billion.</span></p> <p><span style="font-size:14px">Despite this ambitious target, official government data indicates a decline in FDI inflows since 2022.</span></p> <p><span style="font-size:14px">This downturn comes as India positions itself as an alternative manufacturing hub to China, with major companies like Apple Inc. establishing production facilities in the country.</span></p> <p><span style="font-size:14px">To achieve its FDI goals, Invest India has identified eight priority sectors: electronics manufacturing, automobiles, infrastructure, green energy, food processing, textiles, pharmaceuticals, and foreign institutional investment.</span></p> <p><span style="font-size:14px">Rai believes focusing on these areas will help India surpass the 10 per cent economic growth mark.</span></p> <p><span style="font-size:14px">Addressing recent reports of Tesla Inc.'s cooling interest in Indian investments, Rai expressed confidence, stating she was not concerned and that the overall trend still points towards increased investment in the country.</span></p> <p><span style="font-size:14px">As India pursues these ambitious FDI targets, the coming years will be crucial in determining whether the country can attract the level of foreign investment it seeks to drive its economic growth objectives.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38655 https://knnindia.co.in/news/newsdetails/economy/india-targets-usd-110-bn-annual-fdi-to-propel-economic-growth 2024-07-19 15:40:31 knnindia.co.in