India attracts $2.34 bn FDI in first month of 2009-10

India attracts $2.34 bn FDI in first month of 2009-10
PTI
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First Published: Tue, Jun 23 2009. 01 25 PM IST
Updated: Tue, Jun 23 2009. 01 25 PM IST
New Delhi: India attracted $2.34 billion of foreign investments in April, a rise of 19.3% over the previous month, signalling confidence in the country’s economy by foreign investors amid the global financial crisis.
However, as compared to April last year, foreign direct investment (FDI) in the first month of the fiscal 2009-10, was much lower.
“In April 2009, foreign inflows were $2.34 billion, about 19% higher than March,” an official said.
The inflows in April and March last fiscal were $3.74 billion and $1.96 billion, respectively.
Thanks to robust trends in the first six months of the last fiscal, total FDI in 2008-09 was $27.30 billion, against $24.5 billion in 2007-08.
Rating agency Crisil’s principal economist D.K. Joshi said the current year would be difficult in the wake of the global economic downturn.
“Given the poor global economic scenario, the figures are not too discouraging but the year 2009-10 will be more challenging,” Joshi said.
India had scaled down the FDI target by $5 billion from $35 billion last fiscal. Cumulative FDI from April 2000 to March 2009 stands close to about $90 billion.
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First Published: Tue, Jun 23 2009. 01 25 PM IST