Foreign investment inflows top $5.5 billion

Friday, 31 December 2004, 08:00 Hrs
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NEW DELHI: India's foreign direct investment (FDI) inflows were up 26 percent at $5.47 billion during the first nine months of the current year, according to official information available.

As per revised guidelines for estimation prescribed by the Reserve Bank of India, such inflows - taking into account the international norms of adding other forms of capital infusion such as reinvested earnings of foreign investors - stood at $4.33 billion for the like period of 2003, official data showed Friday.

In terms of approvals, as opposed to actual inflows, FDI during the period was up almost 95 percent this year over the previous year, the statistics released by the commerce and industry ministry showed.

Going by the earlier practice of taking into account only foreign equity, the inflows during January-September 2004 were estimated at $3.04 billion - a growth of 54 percent over $1.97 billion in the like period of the previous year.

Global management consultants say India has been attracting the attention of global investing community in view of its liberal investment regime besides its strengths in IT, auto, telecom, pharmaceuticals and financial sectors.

In the latest FDI index of AT Kearney, India has been rated the third most attractive investment destination, behind China and the US, compared to the 15th position two years ago and sixth last year.

Source: IANS
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