FDI inflow remains sluggish with $14 bn in first 9 months this fiscal

New Delhi: FDI inflows to India remained slow as it received $13.92 billion in the first nine months of current fiscal compared to $23 billion in 2011-12. The country received $13.92 billion in FDI between April and December, 2012, Overseas Indian Affairs Minister Vayalar Ravi told Rajya Sabha while replying to a question today.

He said India received $23.47 billion in FDI in 2011-12 while in 2010-11, the amount was $14.93 billion. The major sectors which received FDI in the current fiscal are services, Information and Broadcasting, metallurgical industries, chemicals and textiles.

[caption id=“attachment_652167” align=“alignleft” width=“380”] To increase FDI inflows, the government last year had liberalised the foreign direct investment policy. Reuters[/caption]

To increase FDI inflows, the government last year had liberalised the foreign direct investment policy. The government liberalised FDI policy in sectors, including multi-brand retail, single-brand retail, commodity exchanges, power exchanges, broadcasting, non-banking financial institutions and asset reconstruction companies.

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To a question on total investment made by NRI in the last five years, Ravi said no separate data has been maintained on investment by the overseas Indians. Quoting RBI data, he said India received $22.45 billion in 2009-10 and $26.73 billion in 2008-09.

The Minister said ‘Invest India’, a joint venture between the Department of Industrial Policy and Promotion and FICCI acts as a facilitator for prospective overseas investors including NRIs

PTI