June data shows FDI turnaround

India witnessed a turnaround in foreign direct investment in June with 8 per cent increase in inflows in the midst of the global economic woes. FDI inflows in June aggregated 2.58 billion against 2.39 billion in the same month in 2008-09. This is for the first time since February that the country has seen an expansion in overseas direct investment. From numbers going below 2 billion in February and March,it is again rising, Secretary in the Department of Industrial Policy and Promotion Ajay Shankar told reporters on the sidelines of a CII event on piracy here. The cumulative FDI inflows during April-June contracted by over 30 per cent to 7.02 billion over the same quarter of 2008-09. In the first quarter of the previous fiscal it was 10.07 billion. India attracted FDI of 27.30 billion in 2008-09,compared to 24.58 billion in the previous fiscal.