Though lowest in India, Nagaland comes under FDI focus

April 3, 2023 50 Views No Comment

Receives $0.0139 Million FDI inflows till December 2022

Morung Express News
Dimapur | April 3

Nagaland came under the foreign investors’ eye for the first time in 2022 and managed to attract foreign direct investment (FDI) of $0.0139 million during the last financial year, informed data provided in the Lok Sabha.

The status was as of March 2022, according to the State/Union Territory-wise list of FDI inflows into India provided by the Union Minister of State, Ministry of Commerce & Industry Som Parkash, in written reply to a query on March 29.

The amount of FDI inflows to Nagaland expressed in thousands comes to $13,900, and indicates over Rs 10 lakh investment as per the exchange rate prevailing at that time.

Till December 2021, Nagaland did not feature in the list of FDI statistics given by the Department for Promotion of Industry and Internal Trade (DPIIT) on its website.

The inflow to Nagaland, accordingly, was lowest among those States and Union Territories (UTs) receiving such foreign investment from abroad.

According to latest data given in the DPIIT’s website, Nagaland status as of December 2022 remained unchanged.

It must be noted here that NagaEd, digital education company, made history last March by bringing in the first-ever Foreign Direct Investment (FDI) to Nagaland.

Incidentally, FDI inflows to the North-East are still negligible and constituted just around 0.0180% of the total foreign investment from October 2019 to March 2022.

Assam led the investment inflows into NE States with $18.53 million, followed by $5.55 million in Arunachal Pradesh and $1.10 million in Meghalaya.

Tripura also received FDI inflow of $0.56 during the given period, while Sikkim, Manipur, and Mizoram did not feature in the list.

Meanwhile, out of $142.29 Billion FDI inflows into India from October 2019 to March 22, the State of Maharashtra attracted the most investment at $ 39,164.67 million, followed by Karnataka ($34,031.41) and Gujarat ($7,187.09 million).

A sum of $28.27 million FDI inflow was designated as “State Not Indicated.”

Meanwhile,. MoS Parkash informed that the State/UT-wise information on FDI inflow is maintained only for FDI equity inflow with effect from October, 2019 and State/UT-wise information is not maintained for equity capital of unincorporated bodies, reinvested earnings and other capital.

He further maintained that to attract more FDI in the country, the Union Government has put in place an investor-friendly policy and most sectors except certain strategically important sectors are open for 100% FDI under automatic route.

Further, FDI policy is reviewed on an ongoing basis and had been progressively liberalized , to ensure that India remains attractive and investor friendly destination, he said.

Changes are made in the policy after having consultations with stakeholders including apex industry chambers, associations, representatives of industries/groups and other organizations, he highlighted.

All proposals seeking Government approval under FDI route are now filed on National Single Window System (NSWS) Portal.