India’s FDI inflows rise despite global woes

India’s FDI inflows rise despite global woes

New Delhi: Amidst global financial crisis, India’s foreign direct investment saw an impressive jump of 124% in the first five months of the current fiscal, while the FDI flows in August went up by huge 180%.

The country received FDI of $14.6 billion during April-August 2008 against $6.5 billion a year ago.

“This (increase in FDI) must be seen in the context of the global economic situation," Commerce and Industry Minister Kamal Nath said while releasing the FDI data.

He said that the target for the current fiscal would be met despite a difficult financial environment in the world. The FDI target for 2008-09 is $35 billion, while the actual inflows during the previous year were $24.57 billion.

In August alone, India’s FDI was $2.32 billion, a rise of 180% over the corresponding month last year.

The manufacturing sector received $5 billion during April-August period, showing a rise of 41% over inflows in the year ago period.