India’s annual average FDI in the seven years through March 2023 amounted to US$71 billion, according to figures from the investment agency, which is a joint venture between the Ministry of Commerce and private business chambers.
India is aiming to boost annual foreign direct investment by more than 50% to help lift economic growth, according to a top official at the government’s investment promotion agency.
“For the next seven years, our goal is to draw US$110 billion ($147.46 billion) per year which amounts roughly US$1 trillion plus over the next 10 years,” Nivruti Rai, managing director of Invest India, said in an interview with Bloomberg TV’s Paul Allen on Thursday. “We have to work hard toward growing at a rate higher than 10%.”
