Data released by the commerce and industry ministry on Wednesday said that the total FDI inflows (including reinvested earnings) during April to November 2020 grew by 22% to $58.37 billion when compared to $47.67 billion in the same period a year ago.
"Foreign Direct Investment (FDI) is a major driver of economic growth and an important source of non-debt finance for the economic development of India. It has been the endeavor of the Government to put in place an enabling and investor-friendly FDI policy. The intent all this while has been to make the FDI policy more investor-friendly and remove the policy bottlenecks that have been hindering the investment inflows into the country. The steps taken in this direction have borne fruit, as is evident from the ever-increasing volumes of FDI inflows being received into the country," the ministry's statement said.
It further said that "FDI equity inflow received during FY 2020-21 (April to November 2020) is $43.85 billion. It is the highest ever for the first 8 months of a financial year and 37% more compared to the first 8 months of 2019-20 ($32.11 billion)."
"Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country," it added.