FDI grows 28% to $16.33 bn in Q1 FY20; Singapore largest source: Govt data

Foreign direct investment into India grew by 28 per cent to $16.33 billion during the first quarter of the current fiscal, according to government data.

Inflow of foreign direct investment (FDI) during April-June of 2018-19 stood at 12.75 billion.

Sectors which attracted maximum foreign inflows during April-June 2019-20 include services ($2.8 billion), computer software and hardware ($2.24 billion), telecommunications ($4.22 billion), and trading ($1.13 billion), the commerce and industry ministry data showed.

Singapore emerged as the largest source of FDI in India during the first quarter of the fiscal with $5.33 billion investments. It was followed by Mauritius ($4.67 billion), the US ($1.45 billion), the Netherlands ($1.35 billion), and Japan ($472 million).

FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth.

Recently, the government relaxed foreign investment norms in sectors such as single-brand retail trading, coal mining and contract manufacturing.