Modi regime got more FDI in 8 years than UPA in 10 years: FM

There was 65 per cent more Foreign Direct Investments (FDI) into India under the Narendra Modi government as compared to the 10 years of the Congress-led UPA government, Finance Minister Nirmala Sitharaman said on Tuesday.

As much as $500.5 billion has been received under the Modi government, Sitharaman said, observing that investors have trusted the economic management of the current regime.

The opposition and several economic experts have over the years accused the Modi government of improper management of the economy which had led to a sharp rise in inequality wherein the rich became richer and the poor suffered.

Dismissing all such criticism, the finance minister said India continues to be among the top 5 countries in the world to receive the most foreign direct investment, as per a UNCTAD report.

The FDI inflow in 2020-21 was USD 81.72 billion compared to USD 74.9 billion in the preceding financial year.

Despite the Covid pandemic, Sitharaman said the government did not resort to taxes for resource mobilisation and no tax was increased to fund the economic recovery.

On the other hand, as per an OECD report, as many as 32 countries had resorted to an increase in their tax rates to fund their economic recoveries.

Sitharaman also highlighted that the war between Russia and Ukraine is affecting all countries like the pandemic had.

The finance minister also said Rs 8.35 lakh crore has been devolved to states from central taxes in the current fiscal, higher than the revised estimate of Rs 7.45 lakh crore for 2021-22.