FDI fall seen across India, not just Karnataka, says industries minister Patil
foreign direct investments (FDI) over the past three years was not limited to Karnataka, but the entire country.
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The data released by the Union Government reflected the declining inflows of the FDI to India, he said, in a statement.
While acknowledging global factors, Patil also blamed the Centre's «flawed policies and a lack of vision» for the sluggish inflows.
The FDI to India has decreased from US $ 71 billion in the year 2022-23 to US $ 70 billion in 2023-24. The FDI which stood at Rs 4.42 lakh crore in the year 2021-22 had been reduced to Rs 3.67 lakh crore in 2022-23, and Rs 3.42 lakh crore in 2023-24, he said.
The FDI investment in 2023-24 has seen a reduction of just 3% as compared to the previous year. But, this fall is over 25% as compared to the previous four years, the minister said.
Patil claimed that the NDA government's stand and the laxity of the previous BJP government in the state also contributed to FDI's drop in Karnataka. The union government is diverting the investors towards Maharashtra and Gujarat, the Minister alleged.
There was a negative impact on the state also as it was for the entire country. The decline, however, had not been shartp in 2023-24. The state government has taken constructive measures to improve things, Patil said.
Despite many challenges and adverse geopolitical conditions, Karnataka attracted investments worth Rs 1.13 lakh crore in 2023-24 across
