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Foreign direct investment into India grew 8 per cent year-on-year to $24.3 billion in 2013-14, according to the Department of Industrial Policy and Promotion (DIPP) data.
In 2012-13, FDI totalled $22.4 billion.
Foreign investment inflows more than doubled to $3.53 billion in March this year from $1.52 in the same month last year.
The highest FDI came in services ($2.22 billion), followed by automobiles ($1.51 billion), telecommunications ($1.3 billion), pharmaceuticals ($1.27 billion) and construction development ($1.22 billion) in 2013-14.
Singapore led the FDI inflows into India with $5.98 billion, followed by Mauritius ($4.85 billion), the UK ($3.21 billion) and the Netherlands ($2.27 billion).
The country needs foreign investment to help regain its growth momentum. India’s economic growth slowed to a decade low of 4.5 per cent in 2012-13.
The country is estimated to require about $1 trillion between 2012-13 and 2016-17, the 12th Five-Year Plan period, to fund infrastructure projects.
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