I&B Sector brings in over $1.25 billion FDI between October 2014 and May 2016
NEW DELHI: India earned foreign exchange amounting to $9565.33 million from computer software and hardware, electronics and Information & Broadcasting (including print media) sectors between October 2014 and May 2016.
Of this, the information and broadcasting sector (I&B( alone yielded $1253.76 million FDI equity inflows, according to a report on the Make in India presented by Commerce and Industry Minister Nirmala Sitharaman in Parliament.
The total FDI inflows for these years was $61,585.42 million, the Minister said in an analysis of 58 industries.
The I&B Sector brought in FDI amounting to $205.22 million between October 2014 and March 2015, $1,009.34 million between April 2015 and March 2016, and $39.2 million for the two months of April and May this year.
The Minister said the `Make in India’ initiative was launched in September 2014 with the aim of promoting India as an important investment destination and a global hub for manufacturing, design, and innovation. Thereafter, during the period October 2014 to May 2016, the FDI equity inflow has increased by 46 per cent, from $42.31 billion to $61.58 billion in comparison to previous 20 months (February, 2013 to September, 2014). FDI inflow has also increased by 37 per cent from $62.39 billion to $85.75 billion.
India has been ranked third in the list of top prospective host economies for 2016-18 in the World Investment Report (WIR) 2016 of UNCTAD.
To further boost the entire investment environment and to bring in foreign investments in the country, the government is taking various measures like opening up FDI in many sectors; carrying out FDI related reforms and liberalization and improving ease of doing business in the country. Steps are being taken for development of support infrastructure to facilitate setting up of industries such as transport infrastructure, utility infrastructure etc. The Department of Industrial Policy and Promotion has advised ministries and state governments to simplify and rationalize the regulatory environment through business process re-engineering and use of information technology.