New Delhi: Foreign direct investment (FDI) in India's
services sector dipped 7.5 per cent to $1.22 billion during the first half of
the current financial year.
The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $1.32 billion during April-September 2013-14, data from the Department of Industrial Policy and Promotion showed.
The services sector contributes over 60 per cent to the country's GDP. In 2013-14, foreign investment in the sector fell to $2.2 billion from $4.83 billion in 2012-13.
The government is taking several measures to boost foreign inflows, according to an official.
The Bill to hike FDI cap in insurance sector to 49 per cent from the current level of 26 per cent is pending in the Rajya Sabha.
The other sectors that have recorded decline in foreign investment during the first two quarters of this financial year include construction and metallurgical industries.
During April-September of this fiscal year, foreign investments showed a growth of 15 per cent to $14.47 billion as compared to $12.59 in the same period last year.
During the period, India received the maximum FDI of $4.19 billion from Mauritius, followed by Singapore ($2.41 billion), the Netherlands ($1.97 billion), the US ($1.19 billion), Japan ($937 million) and the UK ($842 million).
Foreign investments are considered crucial for India, which needs around $1 trillion over five years (2012-17) to overhaul its infrastructure sector such as ports, airports and highways to boost growth.
The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $1.32 billion during April-September 2013-14, data from the Department of Industrial Policy and Promotion showed.
The services sector contributes over 60 per cent to the country's GDP. In 2013-14, foreign investment in the sector fell to $2.2 billion from $4.83 billion in 2012-13.
The government is taking several measures to boost foreign inflows, according to an official.
The Bill to hike FDI cap in insurance sector to 49 per cent from the current level of 26 per cent is pending in the Rajya Sabha.
The other sectors that have recorded decline in foreign investment during the first two quarters of this financial year include construction and metallurgical industries.
During April-September of this fiscal year, foreign investments showed a growth of 15 per cent to $14.47 billion as compared to $12.59 in the same period last year.
During the period, India received the maximum FDI of $4.19 billion from Mauritius, followed by Singapore ($2.41 billion), the Netherlands ($1.97 billion), the US ($1.19 billion), Japan ($937 million) and the UK ($842 million).
Foreign investments are considered crucial for India, which needs around $1 trillion over five years (2012-17) to overhaul its infrastructure sector such as ports, airports and highways to boost growth.
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