India is setting its sights on boosting annual foreign direct investment by more than 50% to help elevate the country’s economic growth. 

For the next seven years, India’s goal is to draw $110 billion per year, taking the total over $1 trillion over the next 10 years. 

India’s annual average FDI in the seven years through March 2023 amounted to $71 billion, according to figures from the investment agency, which is a joint venture between the Ministry of Commerce and private business chambers.

Official data from the government show a decline in FDI into India since 2022, even though the country is positioning itself as an alternative manufacturing hub to China, with companies like Apple Inc. setting up factories in the country in recent years.

The eight priority areas for investment are electronics manufacturing, automobiles, infrastructure, green energy, food processing, textiles, pharmaceuticals and foreign institutional investment. These sectors will help India achieve economic growth of more than 10%.

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