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19 Nov 2024
India is aiming to significantly increase its annual foreign direct investment (FDI) by over 50% to stimulate economic growth, according to Nivruti Rai, Managing Director of Invest India.
The country plans to attract $110 billion per year over the next seven years, totaling over $1 trillion in the next decade. In an interview with Bloomberg TV's Paul Allen, Rai emphasized the need to work hard to achieve a growth rate higher than 10%.
India's average annual FDI over the past seven years, ending in March 2023, was $71 billion, based on data from the investment agency, a collaboration between the Ministry of Commerce and private business chambers.
Despite a decline in FDI since 2022, India continues to position itself as an alternative manufacturing hub to China, with companies like Apple Inc. establishing factories in the country.
Invest India has identified eight key sectors for investment: electronics manufacturing, automobiles, infrastructure, green energy, food processing, textiles, pharmaceuticals, and foreign institutional investment. Rai believes focusing on these sectors will help India achieve more than 10% economic growth.
Regarding Tesla Inc.'s cooled investment in India, Rai expressed no concern, maintaining confidence in the trend of increasing investments.
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