18% rise in FDI in 2019-20: CIM
Commerce & Industry Minister Shri Piyush Goyal announced that the total Foreign Direct Investment in India grew at 18% in 2019-20 to $73 billion. “Total FDI has doubled from 2013-14 when it was only $36 billion. This long term investment will spur job creation,” the minister tweeted. Recently, he had also expressed optimism that he expected the country’s exports to be better in May as compared to April.
According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT), this jump in the investment is the highest in four years.
The sectors that attained the most foreign inflows during 2019-20 included services (US$ 7.85 billion), computer software and hardware (US$ 7.67 billion), telecommunications (US$ 4.44 billion), trading (US$ 4.57 billion) and automobiles (US$ 2.82 billion). However, of this, investment in services, construction and chemicals was lower than the previous financial year.
Singapore retained its position as as the largest equity FDI source, contributing to inflows of US$ 14.67 billion. However, this is a fall from the figure of US$ 16.22 billion in 2018-19. Total FDI inflows, which include investment through the equity, reinvested earnings and other capital, stood at US$ 62 billion in April-March 2018-19.