Global investors preferred India's enabling environment, as foreign direct investment (FDI) into the country grew by 15% to USD 30 billion during the first half of the current fiscal compared to the same time period last year, according to government data released today.
The Department for Promotion of Industry and Internal Trade (DPIIT) noted that FDI into India had also doubled to USD 28.2 billion in the July-September quarter from USD 14.06 billion in the same period last year.
“Despite COVID, FDI doubles year-on-year. Indicating global investors' preference for India's enabling environment under Prime Minister [Mr] Narendra Modiji, ” tweeted Commerce and Industry Minister, Mr Piyush Goyal.
In July, India attracted USD 17.5 billion worth of foreign investments.
Sectors which attracted maximum foreign inflows during April-September 2020-21 were computer software and hardware (USD 17.55 billion), services (USD 2.25 billion), trading (USD 949 million), chemicals (USD 437 million) and automobile (USD 417 million).
Singapore was the top destination for FDI equity inflow during the period, with USD 8.3 billion investments. This was followed by the U.S. (USD 7.12 billion), Cayman Islands (USD 2.1 billion), Mauritius (USD 2 billion), the Netherlands (USD 1.49 billion), UK (USD 1.35 billion), France (USD 1.13 billion) and Japan (USD 653 million).
FDI is a major driver of economic growth in the country with states such as Gujarat (USD 18.59 billion), Maharashtra (USD 10.88 billion) and Karnataka (USD 7.94 billion) attracting the highest equity inflows. |
