Services FDI dips 3.5% in Apr-Jan

Foreign direct investment inflows into the services sector declined by 3.5 per cent to $4.66 billion during the April-January period of the last fiscal,according to the department of industrial policy and promotion.

Foreign direct investment (FDI) inflows into the services sector declined by 3.5 per cent to $4.66 billion during the April-January period of the last fiscal,according to the department of industrial policy and promotion (DIPP).

The financial and non-financial services sector had attracted FDI worth $4.83 billion during the same period in the previous year. The global economic situation is still not healthy. Investors are hesitant to invest their money in the sector, an official said.

Overall FDI inflows during the April-January period of 2012-13 financial year declined by 39 per cent to $19.10 billion. In 2011-12,FDI in services rose to $5.21 billion from $3.29 billion in 2010-11.

Services sector contributes over 60 per cent to Indias GDP. The other sectors which have received FDI during April-January 2012-13 include hotel and tourism ($3.19 billion),metallurgy ($1.38 billion),construction ($1.2 billion) and drugs ($1 billion).

CID to probe Zubeen Garg’s death after complaint names his manager, festival organiser

India54 min ago

As Assam awaits the return of its superstar icon Zubeen Garg’s body after he died in Singapore, where he was for the North East India Festival, on Friday, the state government has decided to transfer the investigation to the CID following complaints against festival organiser Shyamkanu Mahanta and his manager Siddharth Sharma.

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