What slowdown? FDI inflows hit record $50 billion

NEW DELHI: Undeterred by a slowdown in growth, India's foreign direct investment flow touched a record $50 billion in 2011-12, the highest since investments were opened up in 1996.

British energy major BP's investment of $8.9 billion into India in March 2012 as part of its deal with Reliance Industries earlier this year played a significant role in helping the country reach the record investment figure.

"In 2011-12, we received the highest ever FDI since we opened up in 1996. It is close to $50 billion," Commerce and Industry Minister Anand Sharma told ET. BP's investment in India in March was also the highest ever in a single month, the minister added. FDI in India dipped 25% to $19.43 billion in 2010-11, as against $25.83 billion in the previous fiscal.

The minister said that despite the negativity that it being generated about India's investment climate, the country continued to attract foreign investments. "Contrary to the impression that has been created, we have remained one of the first three attractive FDI destinations of the world," Sharma said.

India is ranked third in the list of countries attracting most FDI, after China and the US.