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Gujarat wins again in FDI, 55 percent more growth in 2023-24

Nita Yadav

By Nita Yadav

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Gujarat Chief Minister Bhupendrabhai Patel (file photo)

According to the latest data from the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, Gujarat has achieved 55 percent growth in 2024 compared to $4.7 billion in the last financial year. This is the highest growth in the country in terms of FDI inflows of $2.6 billion. Thus, Gujarat achieved a new foreign direct investment (FDI) of $7.3 billion in FY24 and also achieved the second position beating Karnataka and Delhi.

In line with Prime Minister Narendra Modi’s vision of a developed India, Gujarat Chief Minister Bhupendrabhai Patel has implemented several industry-friendly decisions and policies in the state, resulting in Gujarat earning $2.7 billion in FY 2022 for three consecutive fiscal years. It has been found stable. Growth to achieve investments of $4.7 billion in 2023 and $7.3 billion in fiscal 2024.

The state government credited PM Modi’s vision

Regarding the continuous flow of FDI in Gujarat, State Industries and Mines Minister Balwantsinh Rajput said that under the guidance of Hon’ble Prime Minister Narendrabhai Modi, our Chief Minister Bhupendra Patel is ensuring that the nation is being built for investment and business in the country. Every possible facility should be available in the state from state of the art industrial infrastructure to industry friendly policies. Due to the special efforts of the Prime Minister and the Chief Minister, huge investment is also coming in Semiconductor and other major sectors in Gujarat today.

Due to the continuous increase in FDI inflows to Gujarat

Major reasons for FDI inflows to Gujarat include state-of-the-art industrial infrastructure, industry-friendly policies and ease of doing business. Cluster-based industrial estates like GIFT City, Sanand GIDC, Dholera SIR (Special Investment Region) and Mandal Becharaji SIR also play an important role in these FDI inflows. This is the reason why there has been massive investment in marquee projects like semiconductor sector in Gujarat in FY 2023-24.

Additionally, effective implementation of sector-specific policies such as renewable energy, semiconductor and electronics policies in the last three years have also helped attract FDI inflows. Various economic incentives for new plants by the state government, ease and transparency in allotment of land and cost reduction efforts have also encouraged FDI inflows into Gujarat.

Top 5 states in the country in terms of FDI inflows

Maharashtra tops the list with total FDI inflows of $15.1 billion in FY2024, followed by Gujarat with $7.3 billion. Karnataka, Delhi and Telangana are third, fourth and fifth in this order with FDI inflows of $6.6 billion, $6.5 billion and $3 billion respectively.

Nita Yadav

Nita Yadav

I am Nita Yadav, specializing in writing about politics and breaking national news. My focus is on delivering insightful and timely perspectives on these crucial topics, aiming to inform and engage my readers effectively.

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