With a focus on reforms and growth rate, India can achieve foreign direct investment (FDI) of $ 475 billion in five years. According to a report by EY and the Confederation of Indian Industry, 71 percent of multinational companies (MNCs) considered India as an attractive investment destination for their global expansion.
96 percent of MNCs said they are positive about the Indian economy in the long run. The MNC lauded other reforms including GST, the promotion of digital practices in various sectors, and transparency in taxation. Most of the MNCs feel that the Indian economy will perform better in three-five years. India has seen a steady increase in FDI over the last decade. A record $84.8 billion FDI came in 2021-22.
Sudhir Kapadia, Partner, Tax & Regulatory Services, EY India said, “India is being viewed as an emerging manufacturing hub in global value chains, a growing consumer market, and a global leader in the digital transformation of the public-private sectors. The MNC expects the government to expedite a free trade agreement with the continuation of the ease of doing business. Along with this, necessary reforms will also be done in GST.
Also Read: Indian economy picks up pace amid world slowdown, exports rose to $35 billion in September
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