India’s Minister of Information Technology, Ashwini Vaishnaw, made a significant announcement about India’s aim to attract $100 billion in annual Foreign Direct Investment (FDI) in the next few years.
In an interview at the ongoing World Economic Forum in Davos, Switzerland, he presented a comprehensive growth strategy with a vision of a consistent growth rate of 6–8% for the next ten years. This strategy will primarily focus on increasing manufacturing, uplifting the bottom of pyramids, investing in digital and physical infrastructure, and enhancing trouble-free business processes.
Vaishnaw said that since PM Modi took office in 2014, India has been a magnet for foreign investment, and major players like Apple, Samsung, Kia, and Airbus have made substantial investments in India. Despite previously criticising Modi’s protectionist policies, India recorded $ 33 billion in foreign direct investment inflow in the first half of 2023-2024, whereas, it was $ 71 billion in FDI in 2022-2023. He emphasised that, according to investors, India is currently the most important investment destination.
The RBI increased its growth forecast for the current financial year to 7 per cent from 6.5 per cent. Meanwhile, as per the National Statistics Office, India’s GDP is expected to increase by 7.3 per cent, making it the fastest-growing economy.
