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Our Bureau

New Delhi, May 2 Foreign direct investment (FDI) inflows during 2007-08 stood at $24.57 billion, up 56.50 per cent compared with $15.7 billion in 2006-07.

For 2008-09, the Government is targeting around $35 billion FDI inflows, the Minister for Commerce and Industries, Mr Kamal Nath, told newspersons here on Friday.

“There has been a phenomenal level of confidence in India as an investment destination starting from 2004-05. In just four years, inflows have increased eight times,” he said.

“If one takes into account the reinvested earnings then the total FDI for the year stands at $30 billion,” Mr Nath said.

Out of the total FDI inflow, around $9 billion are advances for which shares have not been issued till March 31.

“This amount would be accounted as FDI for the current year. So, we started the year with an opening balance of $9 billion in FDI,” he said.

The Minister pointed out that around 80 per cent of the FDI inflows in 2007-08 are greenfield investments and not through acquisitions.

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