Foreign direct investment (FDI) inflows into the services sector in India went up by 62% during April-January period 2011-12 on account of unfavourable economic conditions of the western markets.
The financial and nonfinancial services sector attracted FDI worth $4.83 billion during the 10-month period of 2011-12 as compared to $2.98 billion in the April-January period of 2010-11. The trend reflected confidence in India's growth story. It was observed that though the economic growth in India itself declined in 2011-12 to 6.9%, the economy was among the best performing in the world.
Despite taxation and policy issues, the country enjoys the investor confidence as is evident from a 53 per cent increase in total FDI inflows to $26.19 billion during the 10-month period (April-January 2011-12). The sectors that attracted sizeable FDI inflows include drugs and pharmaceutical ($3.20 billion), construction ($2.23 billion), telecommunications ($1.99 billion) and power ($1.56 billion).
The highest FDI of $8.91 billion came from the Mauritius, followed by Singapore ($4.30 billion) and Japan ($2.75 million).
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