NEW DELHI, AUG 29: India attracted foreign direct investment (FDI) inflows of US$22.53 billion during the first three months of the fiscal year starting on Apr 1, 90 per cent higher than the April-June period last year, the government said on Saturday (Aug 28).
India’s automobile industry accounted for 27 per cent of the total FDI equity inflow, emerging as the brightest sector in Asia’s third-largest economy, followed by computer software and hardware and the services sectors which accounted for 17 per cent and 11 per cent of the inflows respectively, the trade ministry said in a statement.
“Measures taken by the Government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country,” the statement added.
Prime Minister Narendra Modi’s administration has cut corporate tax rates to woo manufacturers and revive private investment, introduced new farm laws and passed labour reforms aimed at making hiring and firing workers easier.
