Foreign investment in Gujarat surges 54% to $3.36 bn
Things have never been better for Gujarat, at least as far as Foreign Direct Investment (FDI) is concerned. Official statistics reveal that FDI in Prime Minister Narendra Modi’s home state surged by more than 50 per cent to an all-time high of $3.36 billion (Rs22,610 crore) in Financial Year 2016-17. In the process, Gujarat leapfrogged two other states, which have traditionally been ahead of it, to become the third most attractive FDI destination in the country.
Statistics released by the Department of Industrial Policy and Promotion (DIPP) show Gujarat attracted $3.367 billion FDI in 2016-17, a sharp rise of 54 per cent over $2.24 bn (Rs14,667 crore) in 2015-16.
“FDI inflows in the state in 2015-16 were at all-time highs, which means the state has achieved record FDI for the second straight year in 2016-17,” said an official.
Gujarat’s share of the country’s total FDI pie has increased to 7.75 per cent in 2016-17, sharply higher than the 2-3 per cent share for the past several years.
Management consultant Nayan Parikh attributes the sharp rise in FDI inflows to the state’s growing visibility.
“The prime minister himself has been promoting Gujarat on the big stage, and this is showing in the results. The Vibrant Gujarat …read more
