Foreign direct investment (FDI) in India’s manufacturing sector surged by 69% over the past decade, reaching $165.1 billion between 2014 and 2024, according to information presented to the Rajya Sabha on Friday. Minister of State for Commerce and Industry Jitin Prasada highlighted that this growth underscores India’s emergence as a preferred destination for foreign investment in manufacturing.
In comparison, FDI in the sector totaled $97.7 billion during the previous decade (2004-2014). The minister also noted that total FDI inflows into the country amounted to $383.5 billion over the last five financial years (2019-2024).
Prasada also addressed a separate query, revealing that government initiatives have significantly reduced dependency on imports in various sectors, notably mobile phones. The import of mobile phones dropped from ₹48,609 crore in 2014-15 to ₹7,674 crore in 2023-24, while exports saw a dramatic rise from ₹1,566 crore to over ₹1,28,982 crore during the same period.
