New Delhi– India attracted a total FDI inflow of $58.37 billion during April to November 2020, an official statement said on Wednesday.

According to the statement, the FDI inflows was the highest ever for the first eight months of a financial year and 22 per cent higher as compared to the first 8 months of 2019-20 when the country attracted $47.67 billion.

In terms of FDI equity, inflow received during FY 20-21 April to November 2020 stood at $43.85 billion.

“It is also the highest ever for the first 8 months of a financial year and 37 per cent more compared to the first 8 months of 2019-20 ($32.11 billion),” the statement said.

As per the statement, FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India.

“It has been the endeavour of the government to put in place an enabling and investor friendly FDI policy. The intent all this while has been to make the FDI policy more investor friendly and remove the policy bottlenecks that have been hindering the investment inflows into the country.”

“The steps taken in this direction have borne fruit, as is evident from the ever-increasing volumes of FDI inflows being received into the country.”

Accordingly, the communique cited that measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country.

“The following trends in India’s Foreign Direct Investment are an endorsement of its status as a preferred investment destination amongst global investors.” (IANS)