Foreign direct investment (FDI) in the country is expected to reach $100 billion or about Rs 7.5 lakh crore during the current financial year. Industry body PHD Chamber of Commerce and Industry (PHDCCI) expressed this hope on Thursday.
Economic reforms in recent years will help become $5 trillion
The organization said that on the basis of economic reforms made in India in recent years and steps taken towards ease of doing business, India can attract FDI of 100 billion dollars in the current financial year.
GDP growth likely to exceed 8 percent
The industry body said that the gross domestic product (GDP) growth rate is likely to be more than eight percent in the current financial year. However, due to the rise in the prices of commodities, especially crude oil, in the international market, there is also a risk of rising inflation.
India needs to take many steps
According to PHDCCI, India needs to take several steps to boost economic growth and achieve the target economy size of $5 trillion in the next five years.
It is very important to overcome the problem of shortage of raw materials.
Under this, the organization has emphasized the need to accelerate investment in the infrastructure sector, involving more and more sectors of industry in the production-based incentive (PLI) scheme and increasing public investment in the agriculture sector. Along with this, the organization has said that it is very important to remove the problem of high price of goods and shortage of raw material.