FDI soars 48% after 'Make in India' campaign

FII's too have invested in huge amount in the country

Foreign direct investment (FDI) into India during October 2014-April 2015 period rose by 48 per cent year-on-year after the launch of 'Make in India' initiative, a senior government official said on Friday.

Since the launch of this initiative, FDI has increased by "47-48 per cent over the previous year. We launched 'Make in India in September...so that shows that FDI is actually coming in," Joint Secretary in the Department of Industrial Policy and Promotion (DIPP), Atul Chaturvedi, said at a seminar organised by PHDCCI.

According to DIPP, during October 2014 - April 2015 India received $19.84 billion FDI, as against $13.4 billion in the same period last year.

He also said that FII's too have invested in huge amount in the country.

"It shows that foreign investors are showing interest in investing in India," he added.

In 2014-15, FIIs invested Rs 1.11 lakh crore in the equity market as against Rs 79,708 crore (Rs 797.08 billion) in 2013-14.

Speaking at a separate session on the function, the chairman of an expert committee on improving ease of doing business, Ajay Shankar, said that the government is in full action to substantially prune and curtail unnecessary rules, norms and paper work to encourage both foreign and domestic investments.

Quoting Shankar, PHDCCI said land acquisition is not a issue for green field and infrastructural projects as states have huge land banks.

"...the government has been trying its best to bring about the modified land acquisition bill which after its enactment would resolve the issue for availability of land for massive projects," he said.

Director-Research, Brooking India, Subir Gokarn said that India needs to reduce transaction costs with improved technology so as to accelerate its trade volumes.