New Delhi, June 5 || India attracted over $500 billion in FDI equity inflows between 2014 and 2024 which is more than double the $208 billion received in the preceding decade, according to Sanjay Nayar, President of leading industry chamber Assocham.
Notably, $300 billion of this came between 2019 and 2024 alone, underscoring an accelerated growth trajectory, he mentioned in a media article.
“This surge is attributed to transformative reforms like Make in India, Digital India, and the Production Linked Incentive (PLI) schemes, which have not only enhanced the ease of doing business but also positioned India as a hub for clean technology and sustainable growth,” Nayar wrote.
The manufacturing and the digital infrastructure sectors saw the resurgence in the last decade. While computer software and hardware received $95 billion in FDI since 2014, services (from finance and IT to R&D and consultancy) attracted another $77 billion.
In 2014, 75–80 per cent of India’s smartphones were imported. Now, due to the PLI scheme, global major like Apple, through Foxconn and Wistron, are now assembling iPhones in India. Smartphone exports have surged to $21 billion.