As per FM Nirmala Sitharaman, India received 65 percent more FDI during Modi government than during the UPA’s ten-year tenure
Finance Minister Nirmala Sitharaman said on Tuesday that FDI into the nation during the Modi government was USD 500.5 billion, which is 65% more than the amount received during the UPA government’s ten years in office, indicating that investors have confidence in the current regime’s economic management.
In response to a question on the Finance and Appropriation Bill for 2022, the minister stated that India continues to be one of the top five foreign direct investment recipient countries in the world, according to a UNCTAD study.
In 2020-21, FDI inflows totalled USD 81.72 billion, up from USD 74.9 billion in the previous fiscal year.
Despite the covid epidemic, she stated that the government did not rely on taxation to mobilise resources, and no taxes were raised to finance the economic recovery.
In contrast, according to an OECD analysis, as many as 32 nations have raised their tax rates to support their economic recovery.
Sitharaman also stated that the conflict between Russia and Ukraine is hurting all countries in the same way that the pandemic did.
The finance minister also stated that Rs 8.35 lakh crore from federal taxes has been devolved to states in the current fiscal year, which is more than the revised projection of Rs 7.45 lakh crore for 2021-22.