PM Modi's foreign trips bring in $19.78 billion FDI
India received Foreign Direct Investment (FDI) of up to $19.78 billion from 12 countries visited by Prime Minister Narendra Modi during the financial year 2014-15. Modi visited Bhutan, Brazil, Nepal, Japan, the US, Myanmar, Australia, Fiji, Seychelles, Mauritius, Sri Lanka and Singapore after he took charge in May last year. According to Commerce and Industry Minister Nirmala Sitharaman, overseas investment through FDI reached $30.93 billion, registering an increase by 27% during 2014-15. Of the total inflow, $19.78 billion came from countries visited by the Prime Minister. At the same time, $3.42 billion was invested by the Indian companies in these countries, the government data revealed. “The total outflow and inflow of foreign investment in general for 2014-15 fiscal was $6.42 billion and $75.71 billion respectively," the minister told the Rajya Sabha on Wednesday in response to a query. In the first two months of the current financial year, India received $7.45 billion FDI in various sectors. Of the total inflow, the maximum overseas investment came in IT and automobile sectors. The contribution from these two sectors has been more than $3 billion so far. Other sectors like telecom, services, healthcare and pharmaceuticals are also among the most attractive industries for foreign investment in India.
August 06, 2015 | 2:28pm IST.