Budget 2024: FDI inflow marked 'golden period', says Finance Minister Nirmala Sitharaman
FDI
Budget 2024: India's Finance Minister Nirmala Sitharaman on Thursday (Feb 1) presented India's interim Budget in Parliament of India. All eyes were on the budget as Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP) is due to face Lok Sabha elections (general elections) in a matter of months.
Although an interim budget presented just months before elections hold largely a symbolic value, it does give hint to what direction government wants to take especially when public gaze is on it.
As she presented Budget 2024, Finance Minister Sitharaman projected a bright picture of Foreign Direct Investment (FDI) in India,
In her speech, she sought to underline that for the government, FDI stood for "First Develop India".
She said that the government of India was in the process of negotiating bilateral investment treaties with foreign partners across the world.
She described the period between years 2014 and 2023 as a 'golden era' in reference to Foreign Direct Investment (FDI) in India.
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The finance minister said that in these nine years, Indian economy saw FDI inflow of about 596 billion. Sitharaman added that this was twice the inflow between the years 2005 and 2014.
PM Narendra Modi-led government assumed power after victory in 2014 Lok Sabha elections. The 2005-2014 period had Indian National Congress-led United Progressive Alliance (UPA) at the helm in India.
Also Read | India budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented
"The FDI inflow during 2014-23 was USD 596 billion marking a golden era. That is twice the inflow during 2005-14. For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of ‘first develop India’," said Sitharaman during her budget speech in the parliament.
Also Read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech
FDI is often an indictor of stability of a country's economy. More FDI, in accordance with the laws, is considered to be sign that global investors have enough faith in a particular country's economy to make huge investments anticipating good returns.
(With inputs from agencies)