With a strategic relationship of 26 years, India and France enter a golden era of economic ties as the land of love becomes the 11th largest investor in India.
France’s confidence in India skyrocketed as Foreign Direct Investment from the country has tripled in the past decade (2014-2024), increasing from 18.7 thousand crores during 2004-2014 to 53.8 thousand between 2014-024. It is important to note that the data is till September 2024.
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Furthermore, the information shared by India Brand Equity Foundation sourced from the Commerce Ministry reveals that the bilateral trade relation between India and France reached US $13.38 billion in 2023-24, registering significant growth.
France has emerged as the 11th largest investor in India, with an FDI inflow of US$ 10.94 billion from April 2000 to March 2024.
On the other hand, India’s exports to France have also surged in the last 5 years from US$ 5.23 billion in 2018-19 to US$ 7.61 billion in 2022-23. India exported 4,144 commodities to France in FY24. India’s exports to France stood at US$ 7.14 billion in FY24 and US$ 7.62 billion in FY23.
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The Union Cabinet, led by Prime Minister Mr. Narendra Modi, has approved a Memorandum of Understanding (MoU) between India’s Ministry of Electronics and Information Technology and France’s Ministry of Economy, Finance, and Industrial and Digital Sovereignty. This MoU aims to enhance cooperation and information exchange in digital technologies, promoting access to these technologies in both countries.
It is expected to boost government-to-government (G2G) and business-to-business (B2B) collaboration, leading to increased employment opportunities in the IT sector.
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