'FDI to exceed $35 bn target in 2008-09'

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Notwithstanding the global financial turmoil, India is set to surpass the Foreign Direct Investment (FDI) target of USD 35 billion during 2008-09.

"The country will achieve about 35-40 billion dollar in the current fiscal. The first quarter has crossed 10 billion dollar. Last year, it was 24 billion dollar for the entire fiscal," a senior official in Department of Industrial Policy and Promotion (DIPP) told PTI.

The Government has set an FDI target of 35 billion dollar for the current fiscal.

Sectors that attracted maximum FDI inflows in 2007-08 were services, telecom, housing, construction activities, real estate, electrical equipment, computer software and hardware.

In 2006, India ranked fourth after China, Hong Kong and Singapore as a major investment destination in Asia.