Gujarat Leads India in FDI Surge, Secures $7.3 Billion in FY 2023-24

Gandhinagar : Gujarat led the way in terms of yearly FDI inflows during FY 2023-24, with a $2.6 billion rise, according to data issued by the Department for Promotion of Industry and Internal Trade (DPIIT).

Gujarat received an incredible $7.3 billion in FY 2023-24, up 55% from the $4.7 billion received in FY 2022-23. With a $7.3 billion FDI inflow, Gujarat surpassed Karnataka and Delhi to take second place in the country.

Gujarat has exhibited sustained progress in attracting FDI for three consecutive fiscal years, with investments of $2.7 billion in FY2022, $4.7 billion in FY2023, and $7.3 billion in FY2024.

Speaking about Gujarat’s consistent performance in attracting FDI inflows, Balvantsinh Rajput, Minister of Industries and Mines, Government of Gujarat, stated, “Under the guidance of Prime Minister Narendra Modiji, our Chief Minister Bhupendrabhai 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. Gujarat is also drawing considerable investment in growing industries such as semiconductors and other promising sectors, thanks to the Prime Minister and Chief Minister’s devoted efforts.”

Gujarat’s industrial infrastructure, industry-friendly laws, and continual improvement in the ease of doing business have all played important roles in attracting FDI. Cluster-based industrial regions, such as GIFT City, Sanand GIDC, Dholera SIR (Special Investment Region), and Mandal Bechraji SIR, also help to attract investors. Marquee projects like several semiconductor manufacturing units have also helped to attract international investment.

In the previous three years, new sector-specific policies in renewable energy, semiconductors, and IT have been launched and effectively implemented, creating a favorable investment climate. Financial incentives for entrepreneurs and small businesses establishing themselves in Gujarat, as well as expedited land allotment, power connection, and other business-friendly initiatives, have all played an important part in attracting new investment.

The biennial Vibrant Gujarat Summits, which Prime Minister Modi launched during his stint as Gujarat Chief Minister, have also played an important role in attracting new investment. Notably, the inaugural Vibrant Summit during the Azadi Ka Amrit Kaal, held in January of this year, was also a great success.