FDI dips 19% to $1.79 billion in Feb

India received foreign direct investment worth $1.79 billion in February,2013 — a decline of about 19 per cent due to global economic slowdown.

Written by PTI | New Delhi | Published: April 23, 2013 12:37:58 am

India received foreign direct investment (FDI) worth $1.79 billion in February,2013 — a decline of about 19 per cent due to global economic slowdown.

In February 2012,India received FDI worth $2.21 billion. In January,the country had attracted $2.15 billion FDI.

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 & Mangaldas Krishan Malhotra said.

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