Mumbai: Foreign direct investment (FDI) into the country doubled to $4.4 billion in April-September this year as inflows have nearly doubled. The government expects to more than achieve the target of attracting $10 billion of FDI in the current fiscal.
"The buoyancy in FDI in the first six months is likely to continue in the second half of the year as well exceeding the target of $9-10 billion," commerce and industry minister Kamal Nath said.
FDI inflows into the country grew 225 per cent to $916 million In September 2006 as compared to $282 million in the same month of the previous year.
With FDI worth $437.3 million, mainly in the computer hardware and leather sectors, the Chennai region, including Pondicherry, recorded the maximum growth of 211 per cent.
With FDI inflows of $936.5 million, the Delhi region continues to remain on top of the table although showing a growth of only around 25 per cent. The Mumbai region was second on the chart with total inflows of $867.5 million.
Singapore moved ahead of the US and UK as the second biggest source of FDI inflows while Mauritius, remains the single largest source of FDI because of the double taxation avoidance agreement.
Services FDI grew at 350 per cent attracting maximum investment of $1.5 billion. Telecom sector received investments of $405 million.
Nath also made it clear that the proposed regulations on security aspects of FDI would not be loaded against any specific country, including China.
He, however, said different options were being examined for enforcing national security regulations on FDI. The minister said a free trade agreement (FTA) with China was not on the cards, but is worth considering.