The total Foreign Direct Investment (FDI) inflow into India grew 18 per cent in 2019-20 to $73 billion, Commerce and Industry Minister Piyush Goyal has said. “This long-term investment will spur job creation,” the Minister said in a tweet late on Thursday.
Goyal pointed out that the total FDI had doubled from 2013-14 when it was only $36 billion. The increase was another strong vote of confidence in Make in India, he added.
The total investments by Foreign Institutional Investors (FIIs) was $247 million, as per figures released by DPIIT.
Services was the top performing sector, attracting foreign inflows worth $ 7.5 billion in 2019-20, but it was lower than the previous year’s inflow of $ 9.1 billion.
Other top performers included computer software and hardware at $ 7.67 billion, telecommunications at $ 4.44 billion, trading at $ 4.57 billion and automobiles at $ 2.82 billion. Investment in construction was lower at $2.25 billion in 2019-20, compared to $2.73 billion in the previous year.
Singapore was the top contributor, accounting for FDI worth $ 14.6 billion in 2019-20, but it was lower than $ 16.2 billion that flowed in from the country the previous year. Mauritius, Netherlands and the US were the other top sources of FDI in 2019-20.