Mining sector FDI at $729 mn from Apr 2007-Dec 2010

The mining sector of the country received foreign direct investment (FDI) worth $728.77 million between April, 2007, and December last year, Mines Minister Dinsha Patel informed the Lok Sabha today.

The inflows of FDI were the highest in 2007-08, at $444.26 million, and in the last fiscal, it touched $174.4 million.

FDI inflows were the lowest in 2008-09 at $34.22 million. The mining sector received $75.90 million in FDI till the end of December of the current fiscal, Patel said.

During the April-December period of the current fiscal, Bangalore received the highest FDI of 31.75 million, followed by Mumbai, at $28.28 million.

The mining sector was opened for 100% FDI from February 10, 2006. During 2006-07, the country received FDI worth $6.62 million in the mining sector.

The Indian mining sector was opened up to FDI in 1993 after the announcement of the New Mineral Policy. In January, 1997, it was further liberalised to permit FDI up to 50% in mining projects and up to 74% in services incidental to mining.