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FDI inflows up by 117 % in April-Nov: Partnership Summit 2007

19
Jan '07
Inflows of foreign direct investment (FDI) equity alone into India cumulatively between April and November 2006 amounted to US $ 7.3 billion compared to FDI equity inflows of US $ 3.5 billion during April – November 2005, representing a record increase of 117% over the previous year.

FDI equity inflows in the month of November 2006 were US $ 1.15 billion, compared to US $ 0.73 billion in November 2005 that is an increase of 54%. This was indicated by Shri Kamal Nath, Commerce and Industry Minister, at a news conference during the Partnership Summit 2007 in Bangalore last evening.

With this trend, the Minister hoped that the figure of FDI inflows into India by March 2007 – equity only – could touch US $ 12 billion i.e., 120 % more than last year's US $ 5.5 billion. With retained earnings that are reinvested, it could come to US $ 15 billion.

This would thus become the first year when FDI inflows have grown so fast and experts anticipate that FDI this year may exceed foreign institutional investment (FII) for the first time ever.

Meanwhile, at a largely attended luncheon session at the CII organized Partnership Summit 2007 in Bangalore, Dr. Ajay Dua, Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, made a very comprehensive presentation on Investing in India.

Highlighting the prospects of growth in India, he stated that all the macro-fundamentals of the economy were healthy witha growth rate of 9%, an average inflation rate of 4.5 % per annum and foreign exchange reserves of over US $ 175 billion, enough to cover 15 months of imports.


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