FDI up 48 percent in seven months of 'Make in India'

Foreign direct investment (FDI) into the country has seen a 48 percent growth in the seven-month period from the launch of 'Make in India' initiative in September till April 2015, an official statement said on Tuesday.

"The growth in FDI has been significant after the launch of 'Make in India' initiatives in September 2014, with 48 percent increase in FDI equity inflows during October 2014 to April 2015 over the corresponding period last year," the commerce ministry statement said.

In 2014-15, the country witnessed unprecedented growth of 717 percent, to $40.92 billion of investment by Foreign Institutional Investors (FIIs), it said.

"The FDI inflow under the approval route saw a growth of 87 percent during 2014-15 with inflow of $2.22 billion despite more sectors having been liberalized during this period and with more than 90 percent of FDI being on automatic route," the statement added.

Noting that these indicators showcase the remarkable pace of approvals and investors' confidence in a "resurgent India", the ministry went on to list the apportioning of FDI as: "Services sector ($3.2 billion), telecommunication ($2.8 billion), trading ($2.7 billion), automobile industry ($2.5 billion), computer software and hardware ($2.2 billion), drugs and pharmaceuticals ($1.5 billion) and infrastructure construction ($0.75 billion)."

India stands committed to an investor-friendly FDI policy and regime that also promotes investment leading to increased manufacturing, job creation and overall economic growth of the country, it said.