MB Patil blames BJP for declining FDI

Bengaluru, NT Bureau: Industries Minister MB Patil on Sunday blamed the Union government and the previous State government, both BJP-led, for the declining Foreign Direct Investment (FDI) to the country and the state. Patil blamed “faulty” policies by the Centre for the declining FDI.

The focus on local assembling industries in the manufacturing sector was one of the causes since these operations require the support of companies from foreign nations.

“The FDI to India has decreased from $ 71 Billion Dollars in Financial Year (FY) 23 to $ 70 Billion Dollar in FY 24. The FDI which stood at Rs 4.42 lakh crore in FY 21-22 reduced to Rs 3.67 lakh crore in FY 22- 23, Rs 3.427 lakh crore in FY 23-24,” Patil said.

“The FDI equity investment in FY 23-24 has seen a reduction of just 3per cent as compared to the previous year. However, this fall is over 25 per cent compared to the previous four years,” he added.

Patil even blamed the union government for “diverting the investors towards Maharashtra and Gujarat”. He disclosed that the State government had attracted Rs 1.13 lakh crore in 2023-24 in sectors such as Electric Vehicles, Core Manufacturing (Steel), Automobiles and Data Centres.