01:28 GMT24 November 2020
Listen Live
    Asia & Pacific
    Get short URL
    0 22

    As India has set a target of attracting at least $100 billion worth of foreign investment over the next two years, it plans to create industrial clusters where foreign investors can easily acquire stakes and operate.

    India is expecting to witness a surge in foreign direct investment (FDI) in different sectors of its economy over the next two years. In this endeavour, Narendra Modi's government plans to set up special industrial corridors for friendly countries, including Russia.

    Minister for Commerce and Industry Suresh Prabhu shared the plan in an interview with the Press Trust of India (PTI) news agency. 

    READ MORE: India Can Be 'the Next China' in Economic Growth, But Only With Beijing's Help

    "India aims to receive $100 billion in foreign direct investments in the next two years and special industrial clusters are being created for countries like Japan, South Korea, China and Russia where their companies can invest and operate," Commerce Minister Suresh Prabhu said.

    The Indian government has already identified sectors and countries which hold huge potential for inward investment in India, according to Minister Prabhu: 

    "We have identified companies, sectors and countries and now we are going for roadshows to attract investors," the minister stressed. 

    Total FDI in India, including re-invested earnings, rose to $61.96 billion in 2017-18, up from $60.22 billion in 2016-17. During the first quarter of the current fiscal year (April-June 2018), the country attracted $16.86 billion in foreign investment.

    READ MORE: India Promoting Liberal Policies, Not Lurching to Protectionism – NITI Aayog CEO

    India mainly attracts investment from countries such as Mauritius, Singapore, Japan, the UK, the Netherlands, the US, Germany, Cyprus, France, and the UAE. The sectors that received the most FDI in 2018 include services, computer hardware and software, construction development, trading, automobile, pharmaceuticals, chemicals, and power.


    India Mulls 74% FDI in Defense Sector Aiming for a Spot Among Top Producers
    India Notches $1 Million FDI in Defense Sector Since 2013
    India Bars FDI in Countries on Financial Action Task Force Blacklist
    Economics min. says FDI in Russia to reach $65-73 bln by 2011
    industrial, foreign direct investment (FDI), corridors, investors, Indian Ministry of Commerce and Industry, Suresh Prabhu, India
    Community standardsDiscussion