FDI inflows dip by $2.74 bn in Apr-Sep 2018

Feb 9 (AZINS) Foreign Direct Investment (FDI) in the country recorded negative growth in the first half of a financial year for the first time in six years, data released by the Department of Industrial Policy and Promotion (DIPP) shows.

The FDI dropped to $22.66 bn (Rs1.55 lakh crore) in April to September 2018-19 from $25.34 bn (Rs1.63 lakh crore) in Apr-Sept 2017-18.

Prior to this, FDI had fallen from $12.84 bn in the first half of 2012-13 to $11.37 bn in 2013-14.

The FDI statistics were put in public domain on Thursday by the central government in the backdrop of the opposition parties accusing it of suppressing the numbers.

With FDI inflow of $5.65 bn, Delhi (and some parts of Uttar Pradesh) were the top choice for foreign investors, followed by Maharashtra with $5.32 bn. Gujarat was ranked sixth with FDI inflow of $1.55 bn in the first half of the year.

At the Vibrant Gujarat Summit last month, Prime Minister Narendra Modi had said that India was now one of the most open countries in FDI.

"Most of the sectors of our economy are now open for FDI. More than 90 per cent approvals have been put on automatic route. In the last four years, we have received FDI worth $263 bn," he had said.