FDI Inflow In India Up 28% In April-June Quarter

Foreign direct investment into India grew by 28 percent to $16.33 billion during the first quarter of the current fiscal, according to government data.

Inflow of FDI during April-June of 2018-19 stood at $12.75 billion.

Sectors which attracted maximum foreign inflows during April-June 2019-20 include services ($2.8 billion), computer software and hardware ($2.24 billion), telecommunications ($4.22 billion), and trading ($1.13 billion), the commerce and industry ministry data showed.

Singapore emerged as the largest source of FDI in India during the first quarter of the fiscal with $5.33 billion investments. It was followed by Mauritius ($4.67 billion), the U.S. ($1.45 billion), the Netherlands ($1.35 billion), and Japan ($472 million).

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.