India is on track to attract $100 billion foreign direct investment (FDI) in the current fiscal on account of economic reforms and ease of doing business, the government said on Saturday.
In 2021-22, the country received the "highest ever" foreign inflows of $83.6 billion.
"This FDI has come from 101 countries, and has been invested across 31 union territories and states and 57 sectors . On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract $100 billion FDI in the current FY (financial year)," the Commerce and Industry Ministry said in a statement.
It said to attract foreign investments, the government has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route.
The reform measures include liberalisation of guidelines and regulations in order to reduce unnecessary compliance burden, bringing down costs and enhancing the ease of doing business in India, it added.
FDI equity inflows in India dipped by 6 per cent to $16.6 billion during April-June of the current fiscal.
The government has taken steps to address the import of low-quality and hazardous toys and to enhance domestic manufacture of toys.
Import of toys dropped by 70 per cent to $110 million (Rs 877.8 crore) in 2021-22. On the other hand, exports rose by 61 per cent to $326 million.