No dip seen in India's foreign investment inflows: Official

No dip seen in India's foreign investment inflows: Official

Wednesday, 26 November 2008, 08:00 Hrs
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New Delhi: India sees no let up in the inflow of foreign direct investment despite the global economic crisis and decision will be taken soon to further liberalize policies to attract overseas capital, a top official said Wednesday.

"There is no indication of a slowdown in FDI (foreign direct investment) inflows," Industry Secretary Ajay Shankar told reporters here on the margins of a conference organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).

"FDI inflows till September-end have been robust and we expect FDI inflows to remain robust as companies like General Motors and Toyota are going to execute their ongoing projects."

Shankar also said that the government was looking at further liberalizing and rationalizing the policies governing FDI so as to attract more overseas capital. "A decision is expected soon."

According to official data, India attracted foreign investment inflows amounting to $2.56 billion in September, which was higher by a whopping 259 percent over $713 billion in the like month of last year.

Between April-September, such inflows amounted to $17.21 billion, representing a growth of 137 percent over $7.25 billion in the corresponding period of last fiscal.

The services sector attracted the maximum foreign investment, followed by construction, including roads and highways, housing and real estate, and computer hardware and software.

Mauritius remained the investing country, followed by Singapore, the U.S. and the Netherlands.
Source: IANS
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