FDI dips 19 to 1.79 billion in Feb

During the April-February period of 2012-13,FDI has declined 38 per cent to 20.89 billion,an official in the department of industrial policy and promotion DIPP said. During the same period of the previous fiscal,FDI inflows stood at 33.49 billion.

Sectors which received large FDI inflows during the 11 months of the last fiscal include services 4.74 billion,hotel and tourism 3.21 billion,metallurgical 1.39 billion,construction 1.26 billion and Pharmaceuticals 1.11 billion,the official said.

India received maximum FDI from Mauritius 8.97 billion,followed by Japan 2.11 billion,Singapore 1.98 billion,the Netherlands 1.67 billion and the UK 1.06 billion. According to industry experts there is a need to improve business environment in the country.

There is a need to further improve the business environment. Reforms in the last one year are welcome,but more needs to be done in order to build foreign investors confidence, head of Tax and expert on FDI with corporate law firm Amarchand amp; Mangaldas Krishan Malhotra said.