Union finance minister Nirmala Sitharaman on Tuesday said that Foreign Direct Investment (FDI) into the country was $500.5 billion (65 per cent more) during Prime Minister Narendra Modi’s regime as opposed to the amount received in 10 years of the previous UPA government. Speaking at the Rajya Sabha during the ongoing Budget session, she added that investors have trusted the economic management of the current Bharatiya Janata Party (BJP)-led government.
In response to a discussion on the Finance Bill, 2022, and the Appropriation Bill, 2022, the minister said that India continues to stay among the top five FDI recipient countries in the world, according to an United Nations Conference on Trade and Development (UNCTAD) report.
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The FDI inflow in India in 2020-2021 was $81.71 billion as against to $74.9 billion in the preceding financial year.
Sitharaman further stated that despite the ongoing Covid-19 pandemic, the Modi government did not resort to taxes for resource mobilisation and no tax was increased to fund the economic recovery of the country as well. She highlighted the Organisation for Economic Co-operation and Development (OECD) report according to which, a total of 32 countries had increased their tax rates to fund their economic recoveries.
She added that ₹8.35 lakh crore has been devolved to states from central taxes in the current financial year, higher than the revised estimate of ₹7.45 lakh crore for 2021-22.
(With inputs from agencies)