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.
"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.
"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.
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.