India received highest-ever FDI worth $64.37 bn in FY19; action plan for promotion of Indian GIs ready

New Delhi: India received the highest-ever FDI inflow of $64.37 billion during the fiscal ended March 2019, said a government report.

According to the Annual Report 2018-19 of the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investments (FDI) worth $286 billion were received in the country in past five years.

“In the current financial year (2018-19), the country registered highest ever FDI inflow of $64.37 billion,” the report said.

Highlighting the importance of FDI, it said the foreign inflows bring in resources, the latest technology and best practices to push economic growth on to a higher trajectory.

The DPIIT under the commerce and industry ministry further said path-breaking reform measures undertaken during the last financial year have resulted in India surpassing the FDI received in 2016-17 and registering an inflow of $60.98 billion during 2017-18, a new all-time high.

The FDI inflows was $45.14 billion during 2014-15 when Prime Minister Narendra Modi-led NDA government assumed power. The inflows were $55.55 billion in the following year.

Besides, the DPIIT said an action plan for promotion of Indian ‘geographical indications’ (GIs) has been prepared. This can help supplement the incomes of farmers, weavers, artisans and craftsmen. A logo and tagline for all Indian GIs has been prepared through crowd-sourcing.

The government regularly reviews the FDI policy, with a view to make it more investor-friendly.