DPIIT identifies 106 companies from 30 countries under Strategic Investment Targets initiative
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FDI inflows from Mauritius, USA, Netherlands, Cayman Islands and Germany have declined in the last financial year.
The Department for Promotion of Industry and Internal Trade (DPIIT) has identified 106 companies across various sectors from 30 countries under its Strategic Investment Targeting initiative. An officer gave this information. The objective of this initiative is to promote investment in the country. The initiative was recently discussed during a meeting convened by the Ministry of Commerce and Industry with industry representatives and exporters. “An outreach program was organized through the ministry and meetings and video conferences are being held with the leadership of these companies,” the official said. There is also a plan to join.
The government has announced plans to reduce compliance burden, simplify foreign direct investment (FDI) norms, implement logistics policy, Production Linked Incentives (PLI) scheme for 14 sectors and set up a national insurance scheme in the country to boost investment in the country. It is taking several steps like streamlining the procedures through a single window system. However, the official did not reveal the names of the companies and sectors. The official said, “Both the Commerce Department and DPIIT are working together to promote trade and investment.” US, Canada, United Arab Emirates (UAE), Saudi Arabia, UK, Germany, Sweden, Japan, There are also plans to hold roadshows in countries like Taiwan and South Korea.
The initiative assumes significance as FDI in India is set to decline by 22 per cent to $46 billion in 2022-23. Total FDI inflows (equity inflows, reinvested earnings and other capital) declined by 16 per cent to $70.97 billion in the last financial year from $84.83 billion in 2021-22. During April-March 2022-23, Singapore remained the largest investor for India with FDI of $17.2 billion. It was followed by Mauritius ($6.13 billion), US ($6 billion), UAE ($3.35 billion), Netherlands ($2.5 billion), Japan ($1.8 billion), UK ($1.73 billion). According to DPIIT data, Cyprus received $1.27 billion, Cayman Islands $772 million and Germany $547 million during this period. FDI inflows from Mauritius, USA, Netherlands, Cayman Islands and Germany have declined in the last financial year.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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