Foreign direct investment (FDI) into India grew by 15 per cent to $30 billion during the first half of the current fiscal, according to official data.
Inflow of FDI during April-September 2019-20 stood at $26 billion, as per the data of the Department for Promotion of Industry and Internal Trade (DPIIT).
In July, the country had attracted $17.5 billion worth of foreign investments. Sectors which attracted maximum foreign inflows during April-September 2020-21 included computer software and hardware ($17.55 billion), services ($2.25 billion), trading ($949 billion), chemicals ($437 million) and automobile ($417 million). Singapore emerged as the largest source of FDI in India during the period with $8.3 billion investments.
It was followed by the US ($7.12 billion), Cayman Islands ($2.1 billion), Mauritius ($2 billion), the Netherlands ($1.5 billion), UK ($1.35 billion), France ($1.13 billion) and Japan ($653 million). Further, according to DPIIT, total FDI (including reinvested earnings) stood at about $40 billion.
FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of the country. The government has carried out FDI reforms in various sectors, including contract manufacturing and coal mining.
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