FDI policy to be finalised by June-July

India's much-awaited policy on foreign direct investment (FDI) is likely to be announced by June or early July, a senior official said in Mumbai.

India's much-awaited policy on foreign direct investment (FDI) is likely to be announced by June or early July, a senior official said in Mumbai on Tuesday.

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"We are hopeful we should be able to do it by end-June or early July to facilitate more foreign investment," Ajay Dua, secretary, Department of Industrial Policy and Promotion (DIPP), said while making a presentation on Investment Scenario in India at the two-day India-Gulf Cooperation Council (GCC) meeting that began in Mumbai on Monday.

According to official estimates, FDI equity inflows into India up to January 2007 amounted to $16.4 billion and with the addition of reinvested earnings, the total FDI inflows were $19 billion in 2006-07.