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FDI in India: Foreign investment figures in India have been quite good in recent years and the country is likely to receive foreign direct investment (FDI) of US$ 475 billion in the next five years. This estimate has been made in the jointly prepared report of EY and CII – ‘Vision Developed India – Opportunities and Expectations for MNCs’. It has been said in the report that by focusing on reforms and economic growth, India can achieve this goal.
India is an attractive destination for multinational companies
According to this report, 71 per cent multinational companies (MNCs) considered India an attractive investment destination for their global expansion, while 96 per cent said they are positive about the Indian economy for a long time. The MNC appreciated the introduction of GST, promotion of digital practices by the government in various sectors and other reforms including transparency in taxation.
Indian economy will perform better in next 3-5 years
According to this survey, most of the multinational companies feel that the Indian economy will perform much better in the next three-five years. The EY-CII report says, “India can create an opportunity for FDI of USD 475 billion over the next five years by focusing on reforms and economic growth.” India has seen a steady increase in FDI over the last decade . Record FDI inflows of $ 84.8 billion occurred in the financial year 2021-22.
Focus on some economic reforms showed increased benefits
Sudhir Kapadia, Partner, Tax & Regulatory Services, EY India, said, “India is viewed as an emerging manufacturing hub in global value chains, a growing consumer market and a global leader in the digital transformation of the public and private sectors. ” The survey said that MNCs expect the government to continue with ease of doing business, speedy completion of infrastructure projects, speedy free trade agreements and necessary reforms in GST. If we continue to work towards continuing the ease of doing business culture which has been implemented well in the last few years, further improvement in the foreign investment figures will be seen.
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