Industry & Economy
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Foreign Direct Investment
`FDI to touch $8 b in 2004-05'
Our Bureau
New Delhi
,
March 10
FOREIGN direct investment (FDI) flows into the country during the 2004-05 fiscal are estimated to be in the range of $7.5-8 billion, a top Government official said on Thursday.
"FDI for the current year is estimated to be somewhere between $7.5 billion and $8 billion. This is as per the International Monetary Fund definition," Mr Ashok Jha, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, told newspersons on the sidelines of India Trade and Investment Forum here.
He said that FDI in 2003-04 stood at $4.68 billion (as per the IMF definition). Telecom, consumer durables, electrical equipments and automobile sectors were the principal recipients of FDI during 2004-05.
In his address "Debunking the myth: India is only good in services," Mr Jha said that the contention that manufacturing had no place in India was far from true. "Manufacturing is an imperative, keeping in mind the employment requirements. Agriculture cannot step in and services may not fill the requirements. Manufacturing has to come in and fill the gap," he said.
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