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India back on FDI radar,beats recession blues

At a time when the world economy is facing credit freeze,India attracted $2.7-bn FDI in January.

Written by Agencies | New Delhi |
March 16, 2009 3:32:28 pm

At a time when the world economy is facing the worst credit freeze in several decades,India attracted USD 2.7-billion FDI in January,up 58.8 per cent from a year ago,and remained a favourite destination for cross-border investments.

“January numbers are very good…it is an indication of the confidence that the rest of the world has in India,” Secretary in the Department of Industrial Policy and Promotion Ajay Shankar said.

The foreign direct investment (FDI) inflows for the April-January period aggregated to USD 23.8 billion and is expected to cross the last year’s target of USD 25 billion this fiscal.

Though the government had set a target of USD 35-billion FDI for 2008-09,it looked rather ambitious in the wake of the global downturn.

Up to September this fiscal,the monthly inflows were in excess of USD 2 billion. However,the following three months saw a sharp dip in the overseas investments.

The January figures bring a renewed hope that India is back on the radar of global investors.

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