Friday, Mar 29, 2024 | Last Update : 08:33 PM IST

  Business   Economy  24 Feb 2017  FDI inflow zooms 18 per cent to $46 billion in 2016

FDI inflow zooms 18 per cent to $46 billion in 2016

PTI
Published : Feb 24, 2017, 4:37 pm IST
Updated : Feb 24, 2017, 4:37 pm IST

Highest foreign inflows were in such sectors as services, telecom, trading, computer hardware and software and automobile.

FDI is short for Foreign Direct Investment.
 FDI is short for Foreign Direct Investment.

New Delhi: Foreign direct investment (FDI) in India grew 18 per cent during 2016 to touch USD 46 billion, data released by the Department of Industrial Policy and Promotion (DIPP) showed.

The country attracted FDI of USD 39.32 billion in 2015. The main sectors which attracted the highest foreign inflows include services, telecom, trading, computer hardware and software and automobile.

Bulk of the FDI came in from Singapore, Mauritius, the Netherlands and Japan. The government has announced several steps to attract foreign inflows. The measures includes liberalisation of FDI policy and improvement in business climate.

The Finance Minister had announced in the Budget 2017-18 to further relax foreign investment norms and also phase out the Foreign Investment Promotion Board (FIPB).

Foreign investments are considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth.

A strong inflow of foreign investments will help improve the country's balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar.

Tags: fdi, foreign direct investment, dipp, industrial promotion
Location: India, Delhi, New Delhi