FDI rises 100 per cent to $4.4 billion in first Half
Buoyed by a booming services sector, FDI inflows are well poised to achieve the targeted $10 bn for current fiscal.india Updated: Nov 20, 2006 15:46 IST
India is poised to achieve the target of attracting $10 billion of Foreign Direct Investment (FDI) this year as inflows have nearly doubled to $4.4 billion in April-September 2006.
"The buoyancy in FDI in the first six months is likely to continue in the second half of the year as well exceeding the target of $9-10 billion," Commerce and Industry Minister Kamal Nath said on Monday.
In September 2006, FDI inflows grew 225 per cent to $916 million as compared to $282 million in the same month last year.
The Chennai region, including Pondicherry, recorded the maximum growth of 211 per cent, attracting $437.3 million in FDI, largely due to greater activity in computer hardware and leather.
In absolute terms, Delhi region continues to remain on top of the table with $936.5 million showing a growth of over 25 per cent. The Mumbai region was second on the chart with total inflows of $867.5 million .
Helped by the Comprehensive Economic Cooperation Agreement, Singapore moved ahead of the US and UK as the second biggest source of FDI inflows. Mauritius, because of the Double Taxation Avoidance Agreement, is still the largest source of investment with $2.45 billion.
Services attracted maximum investment of $1.5 billion showing growth of 350 per cent. Telecom sector with inflows of $405 million showed the maximum growth of 950 per cent.