India's FDI Inflows Up 12 Pct At $2 Billion In Feb
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India's FDI Inflows Up 12 Pct At $2 Billion In Feb

Monday, 28 April 2014, 04:11 Hrs
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NEW DELHI: Foreign direct investment (FDI) into India grew for the second consecutive month in February this year to $2.01 billion, up 12.29 percent. In February 2013, the FDI was at $1.79 billion according to the data by the department of industrial policy and promotion (DIPP).



However, for the April-February period of last fiscal, FDI inflows dipped 0.6 percent to $20.76 billion, from $20.89 billion during the first 11 months of 2012-13.



The highest FDI came in services ($2.18 billion), followed by automobiles ($1.28 billion), pharmaceuticals ($1.27 billion) and construction development ($1.05 billion) in the 11 months of 2013-14.



Mauritius led the inflows into India with $4.48 billion, followed by Singapore ($3.91 billion), the U.K. ($3.21 billion) and the Netherlands ($2.20 billion). In January 2014, FDI had increased 1.5 percent at $2.18 billion.



The country needs foreign investment to help regain its growth momentum. India’s economic growth slowed to a decade’s low of 4.5 percent in 2012-13. India is estimated to require about $1 trillion between 2012-13 and 2016-17, the 12th Five-Year Plan period, to fund infrastructure projects. A decline in FDI would hurt the rupee, which depreciated to a record low of 68.85 against the U.S. dollar on 28 August last year. Since then the local currency has rebounded and is hovering at 61 per dollar.



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Source: PTI
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