Foreign direct investment (FDI) equity inflows rose 28% in the first quarter of 2019-20 to $16.3 billion from $12.7 billion in the year-ago period, official data showed on Wednesday. Singapore continued to be the top source of FDI at $5.3 billion, followed by Mauritius ($4.6 billion).
Among sectors, telecommunications garnered the maximum FDI at $4.2 billion, followed by the services sector ($2.8 billion). The services include financial, banking, insurance, non-financial/business, outsourcing, research and development, courier, technology testing and analysis.
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Last week, India opened its doors further to FDI, diluting the stringent condition of local sourcing for single-brand retail, in continuation of measures aimed at reviving growth. It also allowed 100% FDI in commercial coal mining as well as in contract manufacturing through the automatic route, hoping to attract global vendors looking to diversify supply chains as the US and China battle it out in a tariff war.
Source: Economic Times
