FDI Inflows Into India Double In Jul-Sep Quarter To $28.1 Billion From $14 Billion In Same Period Last Year

FDI Inflows Into India Double  In Jul-Sep Quarter To $28.1 Billion From $14 Billion In Same Period Last YearPrime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.

In a positive development, Indian economy witnessed the total foreign direct investment (FDI) inflows double to $28.1 billion in the July-September quarter from $14.06 billion in the same period last year, reports Hindu Businessline.

Of the total FDI figure, $23.44 billion were channelled into equity format, while the rest of the FDI inflows were in the form of reinvested earnings and other capital. It should also be noted that in the larger April-September horizon, total FDI inflows in equity format stood at $30 billion which was 15 per cent higher than the corresponding period last fiscal.

The FDI inflows in the July-September quarter were also significantly higher than the previous April-June quarter in which the total FDI inflows stood at $11.51 billion.

The top investors during the April-September period included Singapore ($8.3 billion), the United States ($7.12 billion), Cayman Islands ($2.1 billion), Mauritius ($2 billion), the Netherlands ($1.49 billion), UK ($1.35 billion), France ($1.13 billion) and Japan ($653 million).

Also, the top sectors attracting FDI in the entire first half of the fiscal included computer software and hardware ($17.55 billion), services ($2.25 billion), trading ($949 million), chemicals ($437 million), automobile ($417 million), construction activities ($377 million) and drugs and pharma ($367 million).

The development gains much significance as the achievement manifested at a time when the nation, as well as the world, was battling the scathing COVID-19 pandemic which has led to massive economic losses all across.