TG bucks FDI slowdown trend in FY24, records 130% growth: KTR

While the country experienced a slowdown in attracting foreign direct investment (FDI) in FY24 (2023-24), Telangana has reversed the trend, seeing a 130 per cent increase in foreign investment attracted to the state in the previous fiscal, BRS working president and former IT and Industries Minister KT Rama Rao said on Saturday.

To quote from the report published in the column: The Hindu Business Line, He said not only Telangana but also Gujarat and Tamil Nadu bucked the trend and saw an increase in foreign investment in FY24 compared to the previous fiscal year. Gujarat secured 55% higher foreign direct investment, while Tamil Nadu’s was 12%.

Several other states in the country have seen a significant decline in foreign investment, lowering the country’s performance in attracting FDI. He explained that Amazon’s investment of Rs 36,300 crore in expanding its web services and Microsoft’s investment of another Rs 16,000 crore in the state have enabled a 130 percent increase in FDI in Telangana. The two companies had agreed to increase investments during the previous year.