First News
Volume:7, Number:47
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Business & Finance 4

India’s FDI Inflows at a Record USD60.1 Billion in 2016-17

Foreign direct investment inflows hit an all-time high of USD60.1 billion in 2016-17, the Indian commerce and industry ministry said on Friday, as the Narendra Modi government eased rules to lure global conglomerates to set up shop in sectors such as defense and railways. In the last three years, the government has eased 87 FDI rules across 21 sectors to accelerate economic growth and boost jobs. FDI inflows were at USD55.6 billion for the year ending March 2016, which was a record. In 2016-17, the FDI inflows were even higher at USD60.08 billion. Since 2014, the Modi government opened up “conservative” sectors like rail infrastructure and defense. FDI reforms were also carried out in financial sector, medical devices, and construction sectors. FDI rules were radically overhauled across sectors such as broadcasting, retail trading, and air transport. The Modi government amended legislation to hike the foreign investment cap to 49 percent in insurance and pension from the earlier 26 percent.

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