Business

FDI Inflows Rise 13% To $16.63 Bn In First Half Of FY16

NEWS WORLD INDIA | 0
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| December 2 , 2015 , 12:46 IST
Foreign direct investment (FDI) in the country grew by 13 per cent to $16.63 billion during the April-September period of the current fiscal. FDI Inflows The foreign investment was $14.69 billion during April-September 2014, according to the latest figures of the Department of Industrial Policy and Promotion (DIPP). During the fist half of the financial year, India received maximum FDI of $6.69 billion from Singapore followed by Mauritius ($3.66 billion), the Netherlands ($1.09 billion) and Japan ($815 million). Sectors which attracted highest foreign investment in the period includes computer software and hardware ($3.05 billion), trading ($2.30 billion), services and automobile ($1.46 billion each) and telecommunications ($659 million). During financial year 2014-15, foreign fund inflows grew at 27 per cent to $30.93 billion as against $24.29 billion in 2013-14. The government has relaxed FDI norms in as many as 15 sectors including defence, single brand retail, construction development, civil aviation and LLPs to boost FDI in the country. Foreign investments are considered crucial for India, which needs around $1 trillion in the next five years to overhaul its infrastructure sector such as ports, airports and highways to boost growth. Growth in foreign investments helps improve the country's balance of payments (BoP) situation and strengthen the rupee.