FDI rises 13% to $50 bn, highest flow into services

Foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, according to official data.The country had received an FDI of $44.36 billion during April-March 2018-19. The sectors which attracted maximum foreign inflows during 2019-20 include services ($7.85 billion), computer software and hardware ($7.67 billion), telecommunications ($4.44 billion), trading ($4.57 billion), automobile ($2.82 billion), construction ($2 billion), and chemicals ($1 billion), the Department for Promotion of Industry and Internal Trade (DPIIT) data showed.Singapore emerged as the largest source of FDI in India during the last fiscal with $14.67 billion investments. It was followed by Mauritius ($8.24 billion), the Netherlands ($6.5 billion), the U.S. ($4.22 billion), Caymen Islands ($3.7 billion), Japan ($3.22 billion), and France ($1.89 billion). FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth.

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