Gujarat has emerged as a frontrunner in attracting Foreign Direct Investment or FDI, recording a substantial 55 per cent increase to $7.3 billion during the fiscal year 2023-24 compared to $4.7 billion in FY 2022-23, according to recent data from the Department for Promotion of Industry and Internal Trade or DPIIT under the Commerce and Industry Ministry.
This surge in FDI catapulted Gujarat to the second position in Bharat, overtaking Karnataka and Delhi. The State’s FDI trajectory has been impressive over the last three years, starting from $2.7 billion in FY 2021-22, rising to $4.7 billion in FY 2022-23, and reaching $7.3 billion in FY 2023-24.
Balvantsinh Rajput, Gujarat’s Industries and Mines Minister, attributed this success to the robust industrial infrastructure and business-friendly policies championed by Prime Minister Narendra Modi and Chief Minister Bhupendrabhai Patel. Rajput emphasised that Gujarat’s proactive approach has also attracted investments in emerging sectors such as semiconductors and other promising industries.
Maharashtra leads the nation with a total FDI inflow of $15.1 billion in 2024, followed by Gujarat at $7.3 billion, Karnataka at $6.6 billion, Delhi at $6.5 billion, and Telangana at $3 billion. This significant influx of foreign investments highlights Gujarat’s growing stature as a preferred destination for global businesses seeking to expand their footprint in Bharat.
