Thursday, November 6, 2008

India sees huge jump in FDI inflows despite global woes

The cumulative FDI of $17.21 billion during the April-September period also showed an impressive growth rate of 137% against $7.25 billion in the first half of the previous fiscal.

India received foreign direct investment of $2.56 billion in September this year, showing an increase of 259% over the FDI inflows in the same month in 2007-08, despite the global credit squeeze.

The cumulative FDI of $17.21 billion during the April-September period also showed an impressive growth rate of 137% against $7.25 billion in the first half of the previous fiscal.

“Despite troubles in the world economy, India continued to attract FDIs and the target of $35 billion for 2008-09 fiscal would be achieved,” Commerce and Industry Kamal Nath said.

During the first five months of the current fiscal, the country received maximum FDI from Mauritius ($5.27 billion), followed by Singapore ($1.72 billion), the US ($1.15 billion) and the Netherlands ($580 million).

The manufacturing sector received $5 billion during the April-August period, showing a rise of 41% over inflows in the year-ago period.

The other sectors attracting FDI inflows during the period were services ($2.34 billion), followed by construction activities ($1.64 billion), housing and real estate ($1.62 billion) and computer hardware and software ($1.36 billion.