The government has cleared 15 proposals worth over Rs3,337 crore by overseas investors, including NYSE Euronext`s proposal to pick up five per cent in a commodity exchange even as the government expects investment flows into the country to top $35 billion in 2008-09.

NYSE Euronext plans to infuse Rs281 crore in India for acquiring five per cent equity in Multi-Commodity Exchange (MCX). Besides, Japanese firms Metal One Corporation and Sumitomo Heavy Industry have received clearance for setting up a new wholly-owned subsidiary. The two plan to invest around Rs32 crore and Rs1 crore respectively.

The country is aiming at a total FDI inflow of $35 billion in the year to March 2009, with relaxation of norms in more sectors, commerce minister Kamal Nath said.

Kamal Nath also said the country continues to be a "safe and stable" investment destination amid the global financial turmoil.

"FDI equity inflows for 2007-08 has surpassed the previous year's inflows and reached $24.57 billion," Nath said. Reinvested earnings of foreign firms in India amounted to $5.5 billion, he added.

"We are aiming at $35 billion in 2008-09," Nath said.

Many overseas firms have routed their investment through tax havens like Mauritius and Singapore during 2007-08, while Japanese firms have poured more money into India, he said.

Most of the investments are expected in the petroleum, manufacturing and electronic hardware sectors, Nath said.