India aims to increase its annual foreign direct investment (FDI) by over 50% to spur economic growth, according to a senior official from the country?s investment promotion agency.

"For the next seven years, our goal is to attract $110 billion per year, which equates to roughly $1 trillion over the next decade," said Nivruti Rai, MD, Invest India, during an interview with the source. ?We need to strive for a growth rate exceeding 10%."

In the seven years leading up to March 2023, India's average annual FDI was $71 billion, as reported by the investment agency, a joint venture between the Ministry of Commerce and private business chambers.

Despite positioning itself as an alternative manufacturing hub to China, with major companies like Apple Inc. establishing factories in the country, official data indicates a decline in FDI into India since 2022.

Invest India has identified eight key sectors for investment: electronics manufacturing, automobiles, infrastructure, green energy, food processing, textiles, pharmaceuticals, and foreign institutional investment. Rai is confident that these sectors will drive India towards economic growth exceeding 10%.

Addressing concerns about recent reports suggesting a cooling of Tesla Inc.?s investment in India, Rai stated she was ?not concerned? and emphasised that the overall trend remains positive for increased investment. (Source: Money control & Bloomberg TV)