India attracted $55 billion in FDI in two years: EAM

The Dollar Business Bureau

External Affairs Minister Sushma Swaraj on Sunday said India has attracted $55 billion as foreign direct investment (FDI) in the last two years. She underscored that an enhanced economic engagement with economies across the world has been the focus of the government’s foreign policy.

Addressing an hour-long annual press conference, Swaraj said India had improved its ties with countries in the African continent, the Gulf region, Pacific Island and across the world; touching a total of 140 countries last year.

The EAM said India will further reach out to 65 countries, with which India had had not organised any ministerial visits and said she will send emissaries to those countries as well.

Stressing on Prime Minister Narendra Modi’s “Neighbourhood First” policy and his sustained efforts, India has been able to receive $55 billion (Rs 3.69 lakh crore) in the last two years. Various countries have also taken keen interest in India’s several flagship programmes including smart cities and rejuvenation of Ganga due to MEA’s relentless efforts, she indicated.

“It is an increase of 43% compared to the time when UPA was in power. You have to make effort to get FDI. Because of our effort, FDI has gone up,” the minister said.

 “Never has such an outreach initiated (with the Gulf region),” she said, adding ties with the Arab league has also seen significant progress. The minister was referring to the India-Africa Forum Summit which was attended by heads of 41 African states, and said India’s ties with African nations have grown exponentially, but there is a need to further engagements with the resource-rich region.

Clarifying on the differences with US on issues relating to WTO, Swaraj said the two countries have been growing significantly, and it was obvious to have differences on key issues. India has not abandoned the Non-Aligned Movement (NAM), she said. She highlighted India’s current ties with the US, which has grown multifariously after Modi took charge of the office, and said the present government will not undermine national interest while maintaining good relations with it.