India's FDI inflows unchanged at $ 1.1 bn in Dec

Written by PTI | New Delhi | Updated: Feb 19 2014, 23:45pm hrs
CarFor April-Dec period, FDI inflows dipped 2 pct to $ 16.56 bn during the corresponding period of previous year. PTI
India received USD 1.1 billion of foreign direct investment in December 2013, unchanged from the level in the same month a year earlier, according to data from the Department of Industrial Policy and Promotion.

For the April-December period, foreign investment inflows dipped 2 per cent to USD 16.56 billion from USD 16.94 billion during the corresponding period of the previous year, it said.

During the first nine months of this financial year, the highest FDI came in services (USD 1.59 billion), followed by pharmaceuticals (USD 1.26 billion), construction development (USD 914 million) and automobiles (USD 871 million).

Mauritius led inflows into India with USD 3.67 billion of FDI during April-December, followed by Singapore (USD 3.2 billion), UK (USD 3.14 billion) and the Netherlands (USD 1.6 billion).

The country needs foreign investment to help regain its growth momentum. India's economic growth slowed to a decade's low of 4.5 per cent in 2012-13.

India is estimated to require about USD 1 trillion between 2012-13 and 2016-17, the 12th Five-Year Plan period, to fund infrastructure projects.

A decline in FDI would hurt the rupee, which depreciated to a record low of 68.85 against the US dollar on August 28 last year. The local currency has rebounded since then and closed at 62.20 per dollar yesterday.