May 29, 2020 3:19:46 am
Total foreign direct investment (FDI) into India jumped 18 percent to $73.46 billion in the 2019-20 financial year — the highest in four years, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) Thursday. Of this FDI equity inflows through the Foreign Investment Promotion Board (FIPB), RBI’s automatic route of through acquisition rose 13 percent to around $49.98 billion.
Investments by Foreign Institutional Investors was $247 million. Commerce minister Piyush Goyal attributed the total inflows to a “strong vote of confidence” in the Narendra Modi government’s flagship Make in India programme.
“Total FDI has doubled from 13-14 when it was only $36 billion. This long term investment will spur job creation,” tweeted Goyal on Thursday.
The sectors that attracted the most foreign inflows during 2019-20 included services ($ 7.85 billion), computer software and hardware ($ 7.67 billion), telecommunications ($ 4.44 billion), trading ($ 4.57 billion) and automobiles ($ 2.82 billion). However, of this, investment in services, construction and chemicals was lower than the previous financial year.
Singapore once again emerged as the largest equity FDI source, contributing to inflows of $14.67. However, this is a drop from the $16.22 billion Singapore contributed in 2018-19. Total FDI inflows, which include investment through the equity, reinvested earnings and other capital, stood at $62 billion in April-March 2018-19.
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