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Inflows of foreign direct investment into India could reach 0 billion in 2022-23, according to a report.

Last month finance minister Nirmala Sitharaman said FDI inflow had crossed $500 billion under prime minister Narendra Modi.

Foreign Direct Investment (FDI) inflow to India is expected to reach $100 billion in FY2022/23 supported by various economic reforms and increased ease of doing business, the PHD Chamber of Commerce and Industry (PHDCCI) said in a report Friday. The industry body also said it expected India’s FY22/23 economic growth to be among the highest in the world.

PHDCCI president Pradeep Multani said he expected FY22/23 real GDP growth of over 8 per cent, which is nearly a full notch above the 7.2 per cent projected by the Reserve Bank of India.

It is, however, in line with the World Bank, which this week cut for India forecast citing worsening supply bottlenecks and rising inflation risks caused by the Ukraine crisis.

The PHDCCI report also suggested a ten-pronged strategy to strengthen national economic growth and achieve the target of becoming a $5 trillion economy in the next five years.

The suggestions include speedy infrastructure investments, inclusion of more sectors under the PLI scheme, increase in public investments in agriculture sector, addressing the high commodity prices and shortages of raw materials, news agency PTI reported.

Last month finance minister Nirmala Sitharaman said FDI inflow had crossed $500 billion under prime minister Narendra Modi, and that it was more than the sum received in the 10 years of the Congress-led United Progressive Alliance government.

FDI inflow in 2020/21 was a record $81.71 billion and it was $74.9 billion the previous year.

The government told parliament last month that these figures are an endorsement of the country’s status as a preferred investment destination amongst global investors.

With input from ANI, PTI


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