Finance Minister Nirmala Sitharaman on Tuesday said Foreign Direct Investment (FDI) into the country during the Modi government was USD 500.5 billion, which is 65 percent 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 FDI recipient countries in the world, as per a United Nations Conference on Trade and Development (UNCTAD) report.
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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-19 pandemic, she said the government did not resort to taxes for resource mobilization 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 COVID-19 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.
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