The Department of Industrial Policy and Promotion (DIPP) has set a goal "to increase FDI inflows to India by improving its global share from 1.3 per cent in 2007 to 5 per cent by 2017".
A report of the DIPP said that India has already emerged as one of the most preferred destinations for foreign investment and "this eminent position will need to be sustained".
Since in a globalised economy manufacturers have the choice to locate in any part of the world to get a competitive advantage, "DIPP will aim at sustaining this preferred location status for India," it said.
Experts said the aim is achievable provided some major economic reforms like FDI In multi-brand retail can be implemented on time.
"This can be done but for that there is a need to further improve the investment climate of the country," Ficci Secretary General Rajiv Kumar said.
India has received FDI worth USD 26.19 billion during April-January of last fiscal, an increase of 53 per cent over the same period of previous year.
To boost FDI into the country, the government is actively considering allowing foreign airlines to pick up 49 per cent stake in the domestic carriers. Also, an exercise is going on to arrive at a consensus for allowing 51 per cent FDI in multi-brand retail sector.
Towards further liberalising FDI regime, the government has allowed overseas investment in bee-keeping and share-pledging for raising external debt.
The conditions for FDI in respect of construction of old-age homes and educational institutions were also eased.
It also aims to encourage IPRs by streamlining the procedure of filing, examining and granting of intellectual property rights.