New Delhi: Foreign direct investment (FDI) flows into India more than doubled to USD 3.5 billion in July, according to data released by the of Department of Industrial Policy and Promotion today. In July 2013, the country had received FDI worth USD 1.65 billion. During April-July this fiscal, the foreign inflows grew by 52 per cent to USD 10.73 billion as compared to USD 7.05 billion in the same period last year.
Amongst the top 10 sectors, telecommunications received the maximum FDI at USD 2.33 billion followed by services (USD 1 billion), pharmaceuticals (USD 886 million)and construction (USD 430 million) during the first-four months of the fiscal. During the period, India received maximum FDI from Mauritius at USD 3.38 billion, followed by Singapore (USD 1.66 billion), Netherlands (USD 1.49 billion), Japan (USD 834 million), UK (USD 824 million) and the US (USD 351 million). In 2013-14, the FDI inflows in India were USD 24.29 billion against USD 22.42 billion in 2012-13.
India requires around USD 1 trillion in the next five years to overhaul its infrastructure sector, including ports, airports and highways to boost growth. The government is taking more steps to boost FDI in the country. It has raised the foreign investment limit to 49 per cent in defence manufacturing and relaxed the policy in construction sector. The government has also proposed to increase the FDI cap in insurance to 49 per cent.
