FDI inflow in 2008-09 to exceed $ 25 bn received last year

NEW DELHI: The government on Monday said despite the financial meltdown hitting the global economy, India will receive more foreign direct investment during the current fiscal, surpassing $ 25 billion that came in during 2007-08.

"Our FDI will be more than $ 25 billion. It is a very good sign... We are still doing very well," Joint Secretary in the Ministry of Commerce and Industry N N Prasad told reporters here.

India has already received FDI totalling $ 25 billion, he said, adding the fiscal will end with higher inflows than what was received during 2007-08.

Answering questions on job losses in the aftermath of slowdown, Prasad said the government while replying to a question in Parliament stated that 5 lakh people have lost jobs in various sectors.

According to the report prepared by the Labour Ministry 5 lakh people lost their jobs on account of slowdown during the four-month period ending December.

On the affected sectors, Prasad said, those badly hit by the slowdown include automobiles, IT, textiles and exports.

Among the large companies, he added, Tata Motors has already taken steps to rationalise operations to combat slowdown.