India beats recession blues, back on global investors' radar

NEW DELHI: India is back on the radar of global investors even in the midst of the global financial crisis, with 56 per cent year-on-year rise in inflows of foreign direct investment in July this year, an official said.

The FDI inflows in July this year was at USD 3.51 billion against USD 2.25 billion in the same month last fiscal. In June this year the figure was at USD 2.58 billion.

However, the total inflows during the April-July period contracted by about 15 per cent to USD 10.53 billion over the same quarter of 2008-09, due to poor accruals in the opening months of the fiscal.

In the first four months of 2008-09 it was at USD 12.32 billion.

"We are hopeful that by the end of this financial year, FDI would be over USD 30 billion," the official added.

In 2008-09, the government had set a target of USD 35 billion, but was able to receive only USD 27.3 billion due to the meltdown in the global financial markets.

The FDI inflows fell significantly from October 2008 and the monthly data remained lacklustre till June.