India receives $3.21 million FDI in defence industries during April-September FY23

Defence sector had attracted $2.36 million foreign investment in 2021-22, $0.63 million in 2020-21, $2.20 million in 2019-20, $2.18 million in 2018-19 and $0.01 million in 2017-18

India received foreign direct investment (FDI) worth $3.21 million in defence industries during April-September period this fiscal year, Parliament was informed on Friday.

The sector had attracted $2.36 million foreign investment in 2021-22, $0.63 million in 2020-21, $2.20 million in 2019-20, $2.18 million in 2018-19 and $0.01 million in 2017-18, according to data provided by Minister of State for Commerce and Industry Som Parkash in a written reply to the Rajya Sabha.

He said to promote FDI, the government has put in place an investor-friendly policy, wherein most sectors, except certain strategically important ones, are open for 100% FDI under the automatic route.

"Further, the policy on FDI is reviewed on an ongoing basis, to ensure that India remains an attractive and investor-friendly destination and this has resulted in the increasing trend of FDI inflows into the country since the last eight years," Mr. Parkash added.

In a separate reply, the Minister said total FDI inflow of $62.38 billion has been reported in the country during 2022 (up to September).