New Delhi: Foreign direct investment (FDI) to the country rose more than doubled to $ 17.57 billion during April-June fiscal because of steps such as policy reform and ease of doing business, official statement said on Saturday.
FDI’s total inflow rose to $ 22.53 billion over the first three months of 2021-22 by opposing $ 11.84 billion in the same period last year, he said.
Total FDI consists of equity inflows, investment income and other capital.
“Inflow FDI equity grew 168 percent in the first three months 2021-22 ($ 17.57 billion) compared to last year ($ 6.56 billion),” he said.
Data shows that the automotive industry has emerged as the top sector during the period reviewed by 27 percent of the total inflows of FDI equity.
It was followed by the computer software and hardware sector (17 percent) and the service sector (11 percent).
Furthermore, Karnataka was the top recipient country during April-June 2021, with 48 percent of the total inflow of equity fdi.
It was followed by Maharashtra (23 percent) and Delhi (11 percent).
The steps taken by the government at the front of FDI’s policy reform, facilitation of investment and ease of doing business have resulted in an increase in foreign inflows into the country, trade and industry ministries.
The FDI trend is the ratification of India’s status as the preferred investment destination among global investors, he added.