FDI into India shows declining trend

He said FDI from United States topped the list with Rs 46199.98 crore worth investments approved till December 1999. The investments through subscription of shares by foreign investors through GDRs accounted for Rs 22636.07 crore, he said. FDI through Mauritius route accounted for Rs 22198.33 crore during 1991-1999, he said. Investments from UK accounted for Rs 15968.26 crore.

A total of 651 proposal for foreign investments in soaps, cosmetics and toilet preparations, ceramics, cement and gypsum products involving FDI worth Rs 6187 crore have been approved from August 1991 to February this year, he said in reply to another question.

Minister of Urban Employment and Poverty Alleviation Sukhdev Singh Dhindsa said a proposal to permit FDI in housing and construction sectors was under consideration of the government. However, no decision has been taken yet, he added.

Meanwhile, proposals from a few foreign companies to invest in housing and real estate sectors were received, but the Foreign Investment Promotion Board (FIPB) did not grant permission since 100 per cent FDI was not allowed in the sector.