Outward FDI drops 58 per cent to $1.35 billion in October: RBI

MUMBAI: Overseas investments by Indian firms dropped about 58 per cent in October to $1.35 billion on annual basis, as per the RBI data.

Outward foreign direct investment by Indian companies had totalled $3.2 billion in October last year.

These investments were lower on sequential basis as well, down from $2.65 billion in September this year.

Prominent investors included Ceres Estate, CERES ESTATE LTD, CG Power and Industrial Solutions, Indian Designs Exports, OIL India, ONGC Videsh, Gail (India), Cipla, Cadila Pharmaceuticals, Ramco Systems, Wipro Enterprises and Piramal Enterprises.

The Reserve Bank of India's data on the country's international trade in services showed that exports remained flat at $13.73 billion in September, year-on-year, while imports picked up slightly to $8.45 billion.

In September 2016, India had exported services worth $13.77 billion. Imports were at $8.30 billion.

Cumulatively, the services export during the April- September period were at $80.33 billion. Import of services was valued at $46.74 billion in the first half of the current fiscal.