How FDI has shifted the gears of the Indian Economy
How FDI has shifted the gears of the Indian Economy Foreign Direct Investment was first introduced in the year 1991 by former Prime Minister Sri. Manmohan Singh. Over some time, FDI has helped the Indian economy grow tremendously with a strong backup from the government. A recent survey undertaken states that India has overtaken China and the US as the top destination for FDI. FDI has turned out to be a major source of non-debt financial resources for the economic development of our country besides being a critical driver of economic growth. What attracts many foreign companies to invest in India is the availability of cheap manpower, low wages, and special privileges such as tax exemptions and so on. It also means achieving technical know-how and generating vast employment opportunities. What has made the foreign capital flow into the country is the government’s favorable policy regime and robust business environment. The initiatives taken by the government in recent years concer...