DPIIT picks 106 firms from 30 nations to promote investment

Aimed at promoting trade and investments in India, the Department of Commerce and the DPIIT are working together. Investment roadshows are being planned in countries like the US, Canada, the UAE, Saudi Arabia, the UK and Germany.

 

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Under its strategic investment targets initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) has identified nearly 106 companies from 30 countries. The initiative is aimed at promoting investments in the country.

The Department of Commerce and the DPIIT are working together to promote trade and investments. Investment roadshows are being planned in countries like the US, Canada, the UAE, Saudi Arabia, the UK, Germany, Sweden, Japan, Taiwan and South Korea. The government also plans to engage with people of Indian origin (PIO) under the initiative.

The initiative being undertaken by the government is crucial as Foreign Direct Investment (FDI) inflow in 2022-23 declined by 22% to US$ 46 billion. The total FDI inflows, which include equity inflows, re-invested earnings and other capital, had dropped by 16% to US$ 70.97 billion in the last fiscal as against US$ 84.83 billion in 2021-22.

According to the DPIIT data, from April-March 2022-23, Singapore had been the leading investor with investments worth US$ 17.2 billion. It was followed by Mauritius (US$ 6.13 billion), the US (US$ 6 billion), the UAE (US$ 3.35 billion), the Netherlands (US$ 2.5 billion), Japan (US$ 1.8 billion), the UK (US$ 1.73 billion), Cyprus (US$ 1.27 billion), Cayman island (US$ 772 million), and Germany (US$ 547 million).

A decline in the FDI inflows was witnessed from Mauritius, the US, the Netherlands, the Cayman Islands, and Germany during 2022-23. 

Computer software and hardware, services, trading, telecommunications, and chemicals. were among the sectors that were successful in attracting FDI inflows during the last financial year.

In the last fiscal FDI inflows declined in sectors like the automobile industry, construction (infrastructure) activities and metallurgical industries.