Defence sector receives $3.21 mn FDI in H1 FY23

New Delhi: India received foreign direct investment (FDI) worth $3.21 million in defence sector during April-September period this fiscal year, Parliament was informed on Friday.

The sector had attracted $2.36 million foreign investment in 2021-22, $0.63 million in 2020-21, $2.20 million in 2019-20, $2.18 million in 2018-19 and $0.01 million in 2017-18, according to data provided by Minister of State for Commerce and Industry Som Parkash in a written reply to the Rajya Sabha.

He said to promote FDI, the government has put in place an investor-friendly policy, wherein most sectors, except certain strategically important ones, are open for 100 per cent FDI under the automatic route.

"Further, the policy on FDI is reviewed on an ongoing basis, to ensure that India remains an attractive and investor-friendly destination and this has resulted in the increasing trend of FDI inflows into the country since the last eight years," Parkash added. In a separate reply, he said total FDI inflow of $62.38 billion has been reported during 2022 (till September).