Gujarat: The fiscal year 2023-24 witnessed a remarkable 55 percent increase in Foreign Direct Investment (FDI) inflow into Gujarat, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. The state received $7.3 billion in FDI during this period, up from $4.7 billion in FY 2022-23.

With this significant growth, Gujarat has climbed to the second position in the country for FDI inflows, surpassing both Karnataka and Delhi. This marks the third consecutive year of growth for the state, which recorded $2.7 billion in FDI in FY 2021-22, $4.7 billion in FY 2022-23, and now $7.3 billion in FY 2023-24.

Gujarat Minister of Industries and Mines, Balvantsinh Rajput, attributed this success to the leadership of Prime Minister Narendra Modi and Chief Minister Bhupendrabhai Patel. He stated, “Under the guidance of Prime Minister Narendra Modi, Chief Minister Bhupendrabhai Patel is ensuring that every possible mechanism that facilitates investment and business is in place, ranging from state-of-the-art industrial infrastructure to business-friendly government policies. Due to the dedicated efforts of the Prime Minister and the Chief Minister, Gujarat is also attracting significant investment in emerging industries like semiconductors and other promising sectors.”

Overall, Maharashtra topped the list of states with the highest FDI inflow in 2023-24, receiving $15.1 billion. Gujarat followed with $7.3 billion, while Karnataka, Delhi, and Telangana rounded out the top five with FDI inflows of $6.6 billion, $6.5 billion, and $3 billion, respectively.

The consistent growth in FDI inflows highlights Gujarat’s robust economic policies and its attractiveness as an investment destination. As the state continues to develop its industrial infrastructure and foster a business-friendly environment, it is well-positioned to attract even more foreign investment in the coming years.

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