Services FDI up marginally to $1.03bn in Apr-July
22/09/2014 12:47
According to data from the Department of Industrial Policy and Promotion (DIPP), overseas direct investment in India’s service sector stood at USD 1.03 billion in the first four months of the FY 2014-15, up marginally from the same period a year ago. In the April-July period of FY 2013-14, the services sector in Asia’s third biggest economy had attracted a foreign direct investment (FDI) of USD 1.02 billion, the report said. The services sector, which is a key foreign exchange earner for the Indian economy includes banking, insurance, outsourcing, R&D, courier and technology testing. The reform and investment friendly Narendra Modi government is stepping up measures to boost foreign fund flows into the services sector. The centre has decided to raise the cap on FDI in the insurance sector to 49 per cent from the current 26 per cent. Among the other sectors that received high overseas investment in the April-July period of FY 2014-15 period include telecommunication, construction, computer software and hardware, and power. The services sector accounts for 60 per cent of India’s gross domestic product (GDP) which grew at the fastest clip in more than two years last quarter. In FY 2013-14, FDI in the services sector fell to USD 2.2 billion from USD 4.83 billion in the previous fiscal.
22/09/2014 12:47
According to data from the Department of Industrial Policy and Promotion (DIPP), overseas direct investment in India’s service sector stood at USD 1.03 billion in the first four months of the FY 2014-15, up marginally from the same period a year ago. In the April-July period of FY 2013-14, the services sector in Asia’s third biggest economy had attracted a foreign direct investment (FDI) of USD 1.02 billion, the report said. The services sector, which is a key foreign exchange earner for the Indian economy includes banking, insurance, outsourcing, R&D, courier and technology testing. The reform and investment friendly Narendra Modi government is stepping up measures to boost foreign fund flows into the services sector. The centre has decided to raise the cap on FDI in the insurance sector to 49 per cent from the current 26 per cent. Among the other sectors that received high overseas investment in the April-July period of FY 2014-15 period include telecommunication, construction, computer software and hardware, and power. The services sector accounts for 60 per cent of India’s gross domestic product (GDP) which grew at the fastest clip in more than two years last quarter. In FY 2013-14, FDI in the services sector fell to USD 2.2 billion from USD 4.83 billion in the previous fiscal.
