FDI to exceed $5 B in FY 06

By agencies   |   Friday, 16 September 2005, 07:00 Hrs
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NEW DELHI: For the first time, since opening up the economy, foreign direct investment coming into India will cross the $5 billion mark in FY-06.

In the first four months, India received investments worth $1.6 billion. "We are well on our way to achieving over $5 billion, as against $3.73 billion received last fiscal," said Ajay Dua, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce.

There was 40 percent increase in the FDI this year when compared to the last year, while the inflow in July marked an 85 percent jump compared to the same month last year, he said.

Prime Minister Dr. Manmohan Singh, in his speech to U.S. entrepreneurs sought $10-15 billion as FDI in core sectors every year over the next 15 years.

Though Dua did not specify which sector saw the highest investment, he said auto, fuel (refineries, power plants) and general engineering sectors garnered most of the money that came in.

He also said the Government is yet to decide on opening up the retail sector. "Government has not taken any decision so far."

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