India received the highest-ever FDI inflow of $64.37 billion during the last financial year ended March 2019, stated a government report. According to a report by the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investments (FDI) worth $286 billion were received in the country in the last five years.
"The country registered the highest FDI inflow of $64.37 billion during 2018-19. Foreign Direct Investment (FDI) worth $286 billion has been received in last five years," DPIIT said in its annual report 2018-19.
The report also highlighted the importance of FDI and said that FDI brings in resources, the latest technology and best practices to push economic growth on to a higher trajectory. The central government has been carrying out "liberalisation and simplification" of FDI.
The DPIIT also mentioned that the path-breaking reform measures undertaken during the last financial year have resulted in India surpassing the FDI received in 2016-17 and registering an inflow of $60.98 billion during 2017-18, a new all-time high. The FDI inflows was $45.14 billion during 2014-15 when Prime Minister Narendra Modi-led NDA government assumed power. The inflows were $55.55 billion in the next year.
The FDI policy is being reviewed by the government of India regularly, with a view to make it more investor-friendly.
The DPIIT was set up in 1995 under the commerce and industry ministry. It was reconstituted in 2000 with the merger of the Department of Industrial Development. Earlier, DPIIT was earlier called Department of Industrial Policy & Promotion and was renamed DPIIT in January 2019.