New Delhi: Foreign direct investment (FDI) inflows into the services sector of India has registered an increase of 5 per cent to US$ 3.6 billion during April-October 2012.
The financial and non-financial services sector had attracted FDI worth US$ 3.42 billion during the same period last year.
Foreign investment in the services sector, which contributes over 50 per cent in India’s GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Hotel and tourism (US$ 3.11 billion), metallurgy (US$ 1.21 billion), construction (US$ 691 million) and automobile (US$ 743 million) are the other sectors which received high level of FDI during the same period.
The high levels of FDI came during the same period from Mauritius (US$ 6.75 billion), Japan (US$ 1.52 billion), Singapore (US$ 1.24 billion), Netherlands (US$ 1.05 billion) and UK (US$ 611 million), as per the data released by the Department of Industrial Policy & Promotion (DIPP).
Foreign investments are considered vital for India. The Government of India is taking huge steps, including involving stakeholders in policy formation, to attract more investment and to make investment regime more friendly. It has already allowed FDI in multi-brand retail sector besides hiking the cap to 100 per cent in the single brand retail.
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