Economic Survey 2017: India one of world's largest recipients of FDI

New Delhi: India has become one of the largest recipients of foreign direct investment on account of reform measures taken by the government, the Economic Survey for 2016-17 said on Tuesday.

"FDI reform measures were implemented, allowing India to become one of the world's largest recipients of foreign direct investment ... India's FDI has risen sharply over time," the document, which was tabled in Parliament today, said.

In the most recent year, it said FDI is running at an annual rate of USD 75 billion, which is not far short of the amounts that China was receiving at the height of its growth boom in the mid-2000s.

The government has liberalised and simplified the foreign direct investment (FDI) policy in sectors like defence, railway infrastructure, construction and pharmaceuticals.

It said many new initiatives have been taken up to facilitate investment and ease of doing business in the country such as Make-in-India, Invest India, Start Up India and e-biz Mission Mode Project.

Further it said surging net FDI inflows, which grew from 1.7 per cent of GDP in FY'2016 to 3.2 per cent of GDP in the second quarter of FY'2017, helped the balance-of-payments.