India continues to remain highest receiver of FDI: Nirmala Sitharaman

AgenciesUpdated: Monday, April 04, 2022, 02:47 PM IST
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We in the House should should stand up and appreciate the Indian retailer who has invested a lot of confidence in the markets today in India, Finance Minister Nirmala Sitharaman said. / Representative image |

India continues to remain the highest receiver of the FDI, and the Indian retail investors have created the capacity to absorb the shock due to outflow of foreign funds from the country's stock markets, Finance Minister Nirmala Sitaraman told Lok Sabha.

Replying to a question asked by Congress member Shashi Tharoor in Lok Sabha, she said foreign investments have to be gauged, not just by looking at FIIs and FPIs which by very nature depend on the interest rates and they keep on ''moving up and down.''

''The FIIs and FPIs would come and go. But, today the Indian retail investors have proven that even if they come and go any shock that may come in is now taken care of because of the shock absorbing capacity that the Indian retailers have brought into the Indian market,'' she said during Question Hour.

''We in the House should should stand up and appreciate the Indian retailer who has invested a lot of confidence in the markets today in India,'' she added.

Pointing out that overseas investors has pulled out over Rs 1.14 lakh crore from the Indian market so far, Tharoor had urged the finance minister to explain the worrying trend of ''steadily'' declining investment by the foreign investors.

The Congress member had also sought to now from the government as to what measures were being taken to reverse the trend.

''The FPI and FIIs obvious obviously going to be very typical of their very nature coming and going out. But, what's there to look at with fairness and objectivity is the inflow of the FDIs which is remaining unabated,'' she said in her reply.

''India is the highest receiver of the FDI since before covid and that continues very much significantly during covid and subsequently also,'' she said.

''It is that which indicates if the money, which is coming in, is staying invested in this country, thereby creating jobs and prospects for us, not by the FIIs and FPIs,'' she added.

(With inputs from PTI)

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