Business

FDI up 17 per cent to $25.35 billion during April-September this fiscal

FDI up 17 per cent to $25.35 billion during April-September this fiscal

New Delhi: Foreign direct investment (FDI) in the country increased by 17 per cent to USD 25.35 billion during April-September this fiscal.

“FDI equity during the current FY 2017-18 (up to September) surged by 17 per cent to USD 25.35 billion from USD 21.62 billion in the year-ago period,” the DIPP said on its ‘Make in India’ twitter handle.

The department of industrial policy and promotion (DIPP), under the commerce and industry ministry, deals with FDI related issues.

It said that the total FDI into India including equity inflows, reinvested earnings and other capital stood at USD 518.10 billion during April 2000 to September this year.

The main sectors which attract foreign inflows include services, telecom, trading, computer hardware and software and automobile. Bulk of the FDI came in from Singapore, Mauritius, the Netherlands and Japan.

Foreign investments are considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth.

A strong inflow of foreign investments will help improve the country’s balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar.

PTI