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India received record FDI in 2004: Govt
By agencies
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Wednesday, 18 May 2005, 19:30 IST
NEW DELHI: India received record Foreign Direct Investments (FDI) of $3.75 billion in the year 2004, the Government said on Wednesday.
Since only the equity component of FDI has been covered in the inflows, the data does not include the reinvested earnings and other components, which are compiled at the end of the financial year.
In its Annual Report for the year 2004-05, the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, attributed the upturn in FDI to the liberal, transparent and investor friendly policy of the Government whereby FDI up to 100 percent is allowed under the automatic route in most sectors.
FDI under the automatic route does not require any approval but only involves intimation to the Reserve Bank of India (RBI) within 30 days of inward remittances and /or issue of shares to non-residents.