Foreign Direct Investments (FDI) into India jumped by almost $800,000 from September to October and by a similar margin as compared with October 2008. By pulling the 2010 FDI within $700,000 of last year's total, trade minister Anand Sharma pointed to a gradual strengthening of foreign markets and their continued confidence in Indian investments .
Completing a near mirror image picture as compared with fiscal 2009, October's $2.3 million in foreign investments nearly pulled FDI in India back the previous fiscal. The bump over September's total pushed the total FDI to more than $17.5 million; October 2008's drop-off from September 2008 was among the first signs of global investment insecurity when FDI grew by only $1.49 million, up to $18.7 for the fiscal.
Numbers had remained marginally the same despite a fall in global investments by almost 30 per cent, Sharma told reporters. "We feel that it is a clear expression of foreign investors' confidence in the Indian economy," Sharma told reporters. "I'm not suggesting we were not affected...but I shudder to think if there were no surveillance and no regulation, many economies would have just collapsed." Sharma also said the India had set a target to attract $50 billion of FDI annually by 2010 and increase it to $100 billion by 2017."We are working on that.I have no doubt we will achieve it," he said. In 2008-09, the government had set a target to attract $35 billion FDI, but was able to receive only $27.30 billion due to the global financial crisis. Total FDI into India since August, 1991 is more than $122 billion. The United Nations' World Investment Report reported India as the third most attractive location for FDI between 2009 and 2011. The ministry interprets India's rank as"being on the cusp of FDI take off", reads a statement laid before parliament on November 27.
Completing a near mirror image picture as compared with fiscal 2009, October's $2.3 million in foreign investments nearly pulled FDI in India back the previous fiscal. The bump over September's total pushed the total FDI to more than $17.5 million; October 2008's drop-off from September 2008 was among the first signs of global investment insecurity when FDI grew by only $1.49 million, up to $18.7 for the fiscal.
Numbers had remained marginally the same despite a fall in global investments by almost 30 per cent, Sharma told reporters. "We feel that it is a clear expression of foreign investors' confidence in the Indian economy," Sharma told reporters. "I'm not suggesting we were not affected...but I shudder to think if there were no surveillance and no regulation, many economies would have just collapsed." Sharma also said the India had set a target to attract $50 billion of FDI annually by 2010 and increase it to $100 billion by 2017."We are working on that.I have no doubt we will achieve it," he said. In 2008-09, the government had set a target to attract $35 billion FDI, but was able to receive only $27.30 billion due to the global financial crisis. Total FDI into India since August, 1991 is more than $122 billion. The United Nations' World Investment Report reported India as the third most attractive location for FDI between 2009 and 2011. The ministry interprets India's rank as"being on the cusp of FDI take off", reads a statement laid before parliament on November 27.
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