November 6, 2016 10:51:29 am
Foreign direct investment (FDI) into the country grew by over 30 per cent to USD 21.62 billion during the first half of 2016-17. During April-September of 2015-16, India received FDI worth USD 16.63 billion, an official said. “Ease of doing business and relaxation in the FDI policy are helping attract more and more FDI. The recent easing in sectors like civil aviation and construction will help in attracting more overseas funds,” the official added.
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The sectors that receive maximum inflows include computer hardware and software, trading business, automobile industry and chemicals. India receives maximum FDI from countries, including Mauritius, Singapore, the Netherlands and Japan.
In 2015-16, FDI went up 29 per cent to USD 40 billion as against USD 30.93 billion in the previous fiscal. Foreign investment is considered crucial for India, which around USD 1 trillion to overhaul its infrastructure such as ports, airports and highways to put growth on a higher trajectory.
Growth in foreign investments helps improve the country’s balance of payments (BoP) situation and strengthen the rupee.
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