Gujarat has attracted a Foreign Direct Investment (FDI) of USD 7.3 billion in the financial year 2023-24, a jump of 55 per cent over the previous fiscal, the state government said in a release on Friday. With this, Gujarat now occupies the second spot in the country after Maharashtra in terms of the FDI inflow, it said.
Citing the data released by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry, the state government said Gujarat has topped the charts in the annual increase in FDI inflow during 2023-24 by recording a jump of USD 2.6 billion.
“Registering a 55 per cent increase in the FDI inflow during FY 2023-24 as compared to the inflow during FY 2022-23, Gujarat received a whopping USD 7.3 billion in FY 2023-24 as compared to the USD 4.7 billion received in the FY 2022-23. With the FDI inflow of USD 7.3 billion, Gujarat moved ahead of Karnataka and Delhi to reach the second spot in the country,” said the release.
With a total FDI inflow of USD 15.1 billion in 2024, Maharashtra occupies the top spot followed by Gujarat with USD 7.3 billion. Karnataka, Delhi and Telangana are on the third, fourth and fifth spots respectively with the FDI inflows of USD 6.6 billion, USD 6.5 billion and USD 3 billion. Aligned with Prime Minister Narendra Modi’s vision of Viksit Bharat, Chief Minister Bhupendra Patel has enacted numerous industry-friendly policies and decisions, leading to significant positive outcomes in the state, said the release.
Gujarat has shown a consistent growth in attracting FDI for three consecutive financial years by securing investments of USD 2.7 billion in FY2022, USD 4.7 billion in FY2023 and USD 7.3 billion in FY2024. Speaking about Gujarat’s performance in attracting the FDI inflow, state Industries Minister Balvantsinh Rajput said CM Patel is ensuring that every possible mechanism that facilitates investment and business is in place, ranging from state-of-the-art industrial infrastructure to business-friendly government policies.
Among the major factors that have played a role in attracting FDI are Gujarat’s state-of-the-art industrial infrastructure, industry-friendly policies, and consistent enhancement in ease of doing business, the release said. Cluster-based industrial regions, such as GIFT City, Sanand GIDC, Dholera SIR (Special Investment Region) and Mandal Becharaji SIR also play a significant role in attracting the investors, it said, adding that marquee projects such as multiple semiconductor manufacturing plants have also played a huge role in attracting foreign investment.
Launch and effective implementation of new sector-specific policies in areas such as renewable energy, semiconductor, and information technology (IT) in the last three years have also created a favourable investment climate. Moreover, financial incentives to entrepreneurs and small industries setting up base in Gujarat, expedited allotment of land, power connection and other business-friendly measures have also played a prominent role in bringing new investment.
