FDI in India slumps 38% in April-October
Foreign Direct Investment in India declined 37.84% to $12.40 billion in April-October this year from $19.95 billion in the corresponding period last year, according to official data released today.business Updated: Dec 16, 2010 17:19 IST
Foreign Direct Investment in India declined 37.84% to $12.40 billion in April-October this year from $19.95 billion in the corresponding period last year, according to official data released on Thursday.
Total FDI during January-October 2010 reached $17.37 billion, the Ministry of Commerce and Industry said in a statement.
India received $25.89 billion foreign direct investment in 2009-10 and targets $33 billion FDI in the current fiscal. However, the target is unlikely to be met considering the first seven months' data.
The main reason behind the lacklustre inflow of foreign equity investment in India is the continued concerns over opening of multi-brand retail and insurance sector.
The government has decided to commence stakeholder discussions on various important issues under FDI policy, the statement said.
The Department of Industrial Policy and Promotion has issued five discussion papers on various aspects of FDI policy. It includes FDI in defence sector, FDI in multi-brand retail trading, approval of foreign/technical collaborations in case of existing ventures/tie-ups in India, issue of shares for considerations other than cash and FDI in Limited Liability Partnerships.
"The consultation process has been completed in all cases," it said.