FDI inflow to cross $7 billion in FY'06

Govt expects Foreign Direct Investment into India to cross $7 billion in 2005-06.

The government expects Foreign Direct Investment into India to cross $7 billion in 2005-06, with auto and mining sectors expected to attract huge funds.

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"It will cross $7 billion" Department of Industrial Policy and Promotion (DIPP) Secretary Ajay Dua said.

FDI inflow as of November 2005 stood at $3.3 billion. Figures for December 2005 are being computed, he said.

The government is expecting 300-400 million investment from steel major Posco in the mining sector.

Commerce Minister Kamal Nath had earlier set a target of $7.5 billion FDI inflow in 2005-06 and $10 billion in the next fiscal.