Foreign Direct Investment (FDI) equity inflows into India increased by 24 per cent year—on—year to $22.43 billion during January—September 2014, the Commerce and Industry Ministry said today.
During January—September 2013, FDI equity inflows stood at $18.07 billion.
The Ministry also said total FDI into India, since April 2000 and September 2014, including equity inflows, reinvested earnings and other capital, stood at $345.29 billion.
About FDI liberalisation in the defence sector, it said the move is expected to result in technology transfer which would help in increasing the production base and providing an impetus to manufacturing sector and job creation in India.
“The measure is expected to not only reduce the heavy burden of imports and conserve foreign exchange reserves but also make domestic manufacturing an integral part of GDP growth of the country,” it added.
The government in August has allowed FDI upto 49 per cent on approval route in defence sector with certain conditions.
Above 49 per cent, the proposal will be routed to Cabinet Committee on Security on a case to case basis, wherever it is likely to result in access to modern and state—of—art technology in the country.