Communist Party of India leader Dr Girish said on Tuesday that despite claims of being the world’s fifth largest economy and the ongoing election noise, foreign investment in the country had fallen by 3.5 per cent to 44.42 billion dollars.
“This figure mocks the establishment’s claims of making the country the world’s third largest economy and achieving a 5 trillion dollar economy. It is also noteworthy that this investment decline is evident in Uttar Pradesh, Haryana, Delhi, Rajasthan, and Karnataka,” he pointed out.
Dr Girish stated that due to low investment in sectors such as services, telecom, computer hardware-software, auto, and pharma, foreign direct investment (FDI) in India had decreased by 3.5 percent in the financial year 2023-24, down from 46.03 billion dollars in 2022-23.
Citing government data, he noted that if equity was included, the total FDI had fallen by one percent to 70.95 billion dollars. “A year ago, it was 71.35 billion dollars,” he added.
He highlighted that investment had decreased in Uttar Pradesh, despite numerous investment fairs organised at significant public expense.
Dr Girish added that the national decline in FDI and the inclusion of a state like Uttar Pradesh in this trend raised many questions. “The main issue is that investors have lost faith in the double-engine government, which operates on a divisive agenda,” he said.
