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Foreign direct investment inflows in the manufacturing sector during 2014-24 rose by 69% to $165.1 billion, the Parliament was informed on Friday.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India is rapidly emerging as a preferred country for foreign investment in the manufacturing sector.

“FDI equity inflow in the manufacturing sectors in the last ten financial years (2014-24) has increased by 69% to $165.1 billion as compared to $97.7 billion in the previous ten financial years (2004-14),” he said.

He also said that total FDI inflows of $383.50 billion have been reported in the country during the past five financial years (2019-20 to 2023-24).

Replying to a separate question, he said that the initiatives taken by the Government have led to a decline in dependency on imports in several sectors including mobiles.

The import of mobile phones has decreased from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24.

On the other hand, exports have increased from Rs 1,566 crore in 2014-15 to more than Rs 1,28,982 crore in 2023-24, he said.