Commerce and Industry minister Suresh Prabhu said on March 9 the government has set a target of attracting $100 billion in foreign direct investments over the next two years.
Boosted by the $16-billion Walmart-Flipkart deal last August, which is the biggest-ever foreign fund inflow into the country—2018 saw the country for the first time in two decades overtaking China with $38 billion in inbound FDI deals compared to China’s $32 billion.
“We have achieved record FDI inflows last year. We have set a target and are already working on bringing in $100 billion FDI (by 2020),” Prabhu said at an Indian Chamber of Commerce event.
The minister said the government is conducting a sector analysis for FDI investments and is preparing suitable policies which will help in bringing foreign funds.
The commerce minister said exports during this fiscal year will top the past record of $323 billion in 2014 and he expects it be over $330 billion.
“But, I am not happy about it. We should have much higher exports. This will help in job creation as well,” he said.
Besides ease of doing business, the government is focusing on ease of investments as well, he said, and underlined the need for better and deeper integration of the domestic economy with the global economy.
“If you remove the hurdles for investments, we can see investments coming in from all sources portfolio, FDI or domestic. It will lead to better growth,” he said.
Railways and Coal minister Piyush Goyal was also present at the function.