Earlier today, according to the statement from the Departement for Promotion of Industry and Internal Trade, the Foreign Direct Investment into India’s service sector in 2018 to 2019 went up by 36.5 percent to $9.15 billion.
The country had received an FDI worth $6.7 billion in 2017 to 2018 in sectors of finance, insurance, banking, outsourcing, and technology, according to the department.
The Indian government has improved many factors like time taken for approval and ease of doing business in the last few years.
In the country’s Gross Domestic Product (GDP) FDI inflows contribute to over 60 percent in the service sector.
FDI inflows in the country were seen in sectors like computer software and hardware, chemicals, trading, and automobile.
According to the report, the overall FDI reduced in the country reduced by 1 percent according to $ 44.37 billion in the last fiscal year. This drop comes in 6 years after investment in telecom and pharma fell significantly in the country.
The country needs around 1 trillion in Foreign investments for the development of country’s airports, highways, and ports.
FDI in a chemical industry seen a drop in inflows from $1.39 to $1.30 billion in this fiscal year, according to the data in the report.