New Delhi, April 6 -- India is setting an ambitious target to attract at least USD 100 billion in foreign direct investment (FDI) annually over the next five years as it courts investors looking to diversify away from China, a top government official said.

"Our target is that we will average at least USD 100 billion over the next five years. The trend is very positive and upward," said Rajesh Kumar Singh, secretary in the Department for Promotion of Industry and Internal Trade.

The USD 100 billion goal compares to an annual FDI average of over USD 70 billion in the five years through March 2023. It would mark a reversal after FDI declined last year.

Singh said FDI for the current fiscal year ending March 2024 will be "closer to" the US...