FDI increased by 69 percent in manufacturing sector; Dependence on mobile imports reduced, big jump in exports

Minister of State for Commerce and Industry Jitin Prasad told Parliament on Friday that during 2014-24, foreign direct investment (FDI) in the manufacturing sector increased by 69 percent to $165.1 billion. In a written reply in the Rajya Sabha, Jitin Prasada said that India is fast emerging as a preferred destination for foreign investment in the manufacturing sector. It was $97.7 billion in the previous ten financial years (2004-14).

He also informed that during the last five financial years (2019-20 to 2023-24), a total FDI inflow of $383.50 billion has been recorded in the country. Replying to another question, he said that the initiatives taken by the government have reduced dependence on imports in many sectors including mobiles. Imports of mobile phones have come down from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24. On the other hand, exports have increased from Rs 1,566 crore in 2014-15 to over Rs 1,28,982 crore in 2023-24.

The government told Parliament on Friday that India's toy exports declined from $177 million in 2021-22 to $152 million in 2023-24 due to a fall in global demand. Minister of State for Commerce and Industry Jitin Prasada told the Rajya Sabha that India's major export markets, including the US, the UK, and Germany, have also registered a decline of 16-20 percent in toy imports.