Finance Minister Nirmala Sitharaman on Tuesday said FDI into the country during the Modi government was $500.5 billion, which is 65 per cent more than the🐈 amount received in the 10 years of the UPA government, as investors have trusted the economic management of the current r🅘egime.
Replying to the discussion on the Finance Bill, 2022, and Appropriation Bill,ﷺ 2022, the minister said India continues to remain among the top five foreign direct investment recipient countries in the world, as per a UNCTAD report.
The FDI inflow in 2020-21 was $81.72 billion co💫mpared to $74.9 billion in the pr🥃eceding financial year.
Despite the covid pandemic, she said the government did not resort to 𒅌taxes for resource mobilisation and no tax was increased to f♋und 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 ꦅrecoveries.
Sitha♌raman also highlighted that the war between Russia and Ukraine is affecti🐬ng all countries like the pandemic had.
The finance minister also sa๊id Rs 8.35 lakh crore has been devolved to states fro🎃m central taxes in the current fiscal, higher than the revised estimate of Rs 7.45 lakh crore for 2021-22.
