28% yoy rise in FDI in Q1 to US$ 16.3 bn
Recent findings of official data have depicted that FDI equity inflows into India rose 28% from US$ 12.7 billion in the first quarter of the previous financial year to US$ 16.3 billion in the first quarter of 2019-20, with Singapore (US$ 5.3 billion) & Mauritius (US$ 4.6 billion) being the top contributors. The sector which garnered highest foreign capital was telecommunications (US$ 4.2 billion), followed by services – financial, banking, insurance, non-financial/business, outsourcing, research and development, courier, technology testing and analysis – sector (US$ 2.8 billion). In terms of states, NCR was the recipient of the highest FDI (US$ 5.04 billion)
In order to give a further impetus to FDI, the government introduced a string of measures such as enabling 100% FDI in commercial coal mining as well as in contract manufacturing through the automatic route the previous week.