Highest-ever FDI to come this fiscal on reform measures: DIPP

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SME Times News Bureau | 10 Oct, 2014
India will receive the highest-ever inflow of foreign direct investment (FDI) in the current financial year, attracted by the policy reforms announced by the National Democratic Alliance (NDA) government, a senior official said in Mumbai.

"I am sure we will achieve an all-time high in FDI inflows in FY15 given the extra focus on the same we are giving," Atul Chaturvedi, joint secretary in the Department of Industrial Policy and Promotion (DIPP), said late Wednesday at an event organised by industry chamber Ficci.

"We are looking at increasing FDI with all these promotional measures and promoting the country as an investment destination," he added.

The new government is going all out to boost FDI inflow in the country. It has raised FDI limit in defence manufacturing, it also cleared the long-delayed 100 percent FDI in railways and a debate is on regarding 100 percent FDI in the insurance sector.

Prime Minister Narendra Modi had in his Independence Day speech announced the "Make in India" campaign inviting companies across the world to make their products in India and create jobs in the labour-intensive manufacturing sectors.

While the highest so far FDI received by the country was in 2011-12 at $35.12 billion, in the four months of this fiscal alone inflows have crossed $10.75 billion, Chaturvedi said

As per the DIPP, FDI inflow zoomed 34 percent to $1.92 billion in June.

The net investments by foreign investors in Indian debt markets since the beginning of this calendar year have reached $17 billion, or Rs.120,000 crore, while the same for equities stand at $13 billion, or Rs.78,000 crore, taking the total to $30 billion, or Rs.180,000 crore.