PM Narendra Modi. (@narendramodi/Twitter)In a positive development, during April-August 2020 period, India received the highest ever total foreign direct investment (FDI) for the first five months of any financial year, reports Economic Times.
Releasing the data, Ministry of Commerce and Industry revealed that during the said period, total FDI inflow into the nation stood at $35.73 billion, which was 13 per cent higher than the inflow registered in the same period last year.
Of the total FDI inflow, equity inflow alone stood at $27.1 billion, which marks a surge of 16 per cent compared to the corresponding period last year when the figure stood at $23.35 billion.
The government has attributed the positive development to the policy reforms, investment facilitation drive, and increased ease of doing business in the nation. It has also emphasised that the increased FDI inflows cement India's status as a preferred investment destination.
It should be noted that compared to the 2008-14 period, total FDI inflow into India has surged by 55 per cent in the 2014-20 period, rising from $231.37 billion to $358.29 billion. Of this, the equity FDI inflow has surged by 57 per cent, rising from $160.46 billion to $252.42 billion.
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