India receives $32.87 bn FDI in October-September

NEW DELHI: India received $32.87 billion foreign direct investment ( FDI) during October 2014 to September this year, Parliament was informed today.

The sectors, which attracted FDI during the period include computer software and hardware, services sector, trading, automobile, construction activities, chemicals, power, pharmaceuticals, industrial machinery and food processing.

In the defence and railway related components, the country received only $0.08 million (Rs 0.48 crore) and $23.2 million (Rs 146.65 crore) FDI during the October-September period.

Retail trading attracted $70.75 million investment in this period.

"The Make in India initiatives of the government and its outreach to all investors have made a positive investment," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

Make in India campaign was launched in September last year. It aimed at promoting India as an investment destination and a global hub for manufacturing, design and innovation.

The minister further said the growth in FDI has been significant after the launch of Make in India initiative.

FDI increased by 48 per cent during October 2014 and April this year.

"The increased inflow of FDI in India especially in a climate of contracting worldwide investments indicates the faith that investors have reposed in the country's economy and the reforms initiated by the government towards ease of doing business and further liberalsing the economy," she said.

Several foreign companies have made announcements to invest in India including Cisco, LG, Quanta, Foxconn, Samsung, Vivo, Xiaomi, IKEA, Airbus and Softbank.

Cisco has announced to invest $2 billion this year and the company will invest additional $60 million in India on training and facility expansion.

Airbus is planning to manufacture in the country and has plans to raise Indian outsourcing from $400 million to $2 billion.