India received 65 pc more FDI during Modi regime against 10 years of UPA rule: FM
Finance Minister Nirmala Sitharaman on Tuesday said FDI into the country during the Modi government was USD 500.5 billion, which is 65 per cent more than the amount received in the 10 years of the UPA government, as investors have trusted the economic management of the current regime.
Replying to the discussion on the Finance Bill, 2022, and Appropriation Bill, 2022, the minister said India continues to remain among the top five foreign direct investment recipient countries in the world, as per a UNCTAD report.
The FDI inflow in 2020-21 was USD 81.72 billion compared to USD 74.9 billion in the preceding financial year.
Despite the covid pandemic, she said the government did not resort to taxes for resource mobilisation and no tax was increased to fund the economic recovery.
On the other hand, as per an OECD report, as many as 32 countries had resorted to an increase in their tax rates to fund their economic recoveries.
Sitharaman also highlighted that the war between Russia and Ukraine is affecting all countries like the pandemic had.
The finance minister also said Rs 8.35 lakh crore has been devolved to states from central taxes in the current fiscal, higher than the revised estimate of Rs 7.45 lakh crore for 2021-22.
Pingback: Sebi provides clarity on new norms for related party transactions
Pingback: Builder.ai raises $100 mn in funding round led by Insight Partners
Pingback: 'Manufacturing sector needs quality enhancement to become competitive'
Pingback: Telecom operators owe Rs 1.65 lakh cr to govt in AGR dues : Chauhan
Pingback: Axis Bank buys Citi's India retail business for Rs 12,325 cr
Pingback: CredAble disburses Rs 22,500 cr working capital loans in FY22
Pingback: Games24x7 raises $75 million in funding led by Malabar Investments