India's Manufacturing Sector Sees 69% Rise in FDI Over a Decade

Foreign direct investment (FDI) inflows in India's manufacturing sector increased by 69% between 2014-2024, reaching USD 165.1 billion, according to information presented to Parliament. The total FDI in the last five years amounted to USD 383.50 billion. Government initiatives have also reduced mobile imports, while exports have surged significantly.

Foreign direct investment inflows in the manufacturing sector during 2014-2024 rose by 69 percent to USD 165.1 billion, Parliament was informed on Friday.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada highlighted India's emergence as a favored destination for foreign investment. He noted that FDI equity inflow in the manufacturing sector over the last decade (2014-2024) has increased to USD 165.1 billion, compared to USD 97.7 billion in the prior decade (2004-2014).

Prasada also mentioned the overall total FDI inflow of USD 383.50 billion during the past five financial years (2019-20 to 2023-24). He added that government initiatives have substantially decreased dependency on imports across multiple sectors, including mobile phones, where imports dropped from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24. Conversely, mobile phone exports skyrocketed from Rs 1,566 crore in 2014-15 to over Rs 1,28,982 crore in 2023-24.