Foreign direct investment into India grew 15 per cent to USD 26 billion during the first half of the current financial year, according to government data.
Inflow of foreign direct investment (FDI) during April-September of 2018-19 stood at USD 22.66 billion.
Sectors, which attracted maximum foreign inflows during April-September 2019-20, include services (USD 4.45 billion), computer software and hardware (USD 4 billion), telecommunications (USD 4.28 billion), automobile (USD 2.13 billion) and trading (USD 2.14 billion), the commerce and industry ministry data showed.
Singapore continued to be the largest source of FDI in India during the first half of the financial year with USD 8 billion investments. It was followed by Mauritius (USD 6.36 billion), the US (USD 2.15 billion), the Netherlands (USD 2.32 billion), and Japan (USD 1.78 billion).
FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth.
Recently, the government relaxed foreign investment norms in sectors such as brand retail trading, coal mining and contract manufacturing.
Enthused by a record foreign investment inflow, India is optimistic of continuing to be one of the world’s favourite FDI destinations in 2020 on the back of Prime Minister Narendra Modi-led government’s liberalised norms and a significant jump in the ease of doing business ranking.
Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra has said that despite a slowdown in the global economy, inflows of foreign investment into the country have not been impacted.