The FDI equity inflow during the April to November, 2020 period is also the highest in the first eight months of a financial year

India received a total Foreign Direct Investment (FDI) inflow of US$ 58.37 billion during April to November, 2020, the highest ever for the first eight months of a financial year.

The figure is nearly 22% higher as compared to the first eight months of 2019-20 when the FDI inflow was US$ 47.67 billion.

Releasing the data on Wednesday, the Ministry of Commerce said the FDI equity inflow during the same period, April to November, 2020, is US$ 43.85 billion. This amount is also the highest ever for the first 8 months of a financial year and 37% more compared to the first eight months of 2019-20, when the figure stood at US$ 32.11 billion.

The ministry pointed out that 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 endeavor of the Government to put in place an enabling and investor friendly FDI policy," the ministry said in a statement. Over the past several years, the government has taken steps to make the FDI policy more investor friendly. It has sought to do so by removing 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, the ministry noted.

The measures taken by the government for FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country and reinforced India's status as a preferred investment destination amongst global investors.

It is worth noting that the total FDI inflows into India during the second quarter of financial year 2020-21, July to September, 2020, was to the tune of US$ 28,102 million, including FDI equity inflows of US$ 23,441 million or Rs. 174,793 crore.