'India attracted massive FDI of Rs 239 billion in last five years'

New Delhi: India has received massive foreign direct investment worth $ 239 billion in the last five years on account of a stable and predictable regulatory regime, growing economy and strong fundamentals, Finance Minister Piyush Goyal said Friday.

"Due to a stable and predictable regulatory regime, a growing economy and strong fundamentals, India could attract massive amount of foreign direct investment during the last five years, as much as $ 239 billion worth received as FDI.

"This period also witnessed a rapid liberalisation of the FDI policy allowing most foreign direct investment to come through the automatic route," the minister said in his budget speech for 2019-20.

The government has relaxed foreign investments norms in several sectors, including single-brand retail, defence, airlines and food processing.