Gujarat Records Significant 55% Increase in FDI with $7.3 Billion Inflow for FY 2023-24

Gujarat has recorded a remarkable 55% increase in Foreign Direct Investment (FDI) for the financial year 2023-24, attracting USD 7.3 billion. This growth positions Gujarat as the second-highest recipient of FDI in India, following Maharashtra. The state has benefited from industry-friendly policies, infrastructural development, and an enhanced ease of doing business.

Gujarat has witnessed a notable surge in Foreign Direct Investment (FDI), with a reported inflow of USD 7.3 billion for the financial year 2023-24, marking a 55% increase over the previous fiscal, according to a state government release on Friday.

This boost in FDI has elevated Gujarat to the second spot nationally, trailing only Maharashtra. The Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry noted this substantial growth, highlighting a USD 2.6 billion increase in FDI for the year.

Attributed to the pro-business policies championed by Chief Minister Bhupendra Patel, Gujarat has consistently drawn FDI for three consecutive years. Industrial infrastructure, targeted sector policies, and supportive measures for small industries have collectively fostered a conducive investment climate.

(Disclaimer: With inputs from agencies.)