Finance Minister Nirmala Sitharaman said on Tuesday foreign direct investment in the country during the Modi government totaled $500.5 billion, 65% more than the amount collected over the 10 years of the UPA government. as investors have trusted the economic management of the current regime.
Responding to the discussion of the Finance Bill, 2022 and the Appropriation Bill, 2022, the minister said that India remains among the top five recipients of foreign direct investment in the world, according to a UNCTAD report.
FDI inflow in 2020-21 was US$81.72 billion compared to US$74.9 billion in the previous fiscal year.
Despite the Covid pandemic, she said the government has not resorted to taxes to mobilize resources and no taxes have been increased to fund the economic recovery.
On the other hand, according to an OECD report, up to 32 countries had increased their tax rates to finance their economic recovery.
Ms. Sitharaman also stressed that the war between Russia and Ukraine affects all countries as much as the pandemic.
The finance minister also said 8.35 lakh crore was transferred from central taxes to states in the current fiscal year, higher than the revised estimate of 7.45 lakh crore for 2021-22.
