Foreign direct investment (FDI) equity inflows inflated by 28 percent in the first quarter of 2019-20 and reported at $16.3 billion from $12.7 billion in the corresponding period, revealed official data.
Further, Singapore, on continuity,remained the top source of FDI at $5.3 billion, followed by Mauritius ($4.6 billion).
Among sectors, telecommunications fetched the highest FDI at $4.2 billion, followed by services sector ($2.8 billion).
The services sector include financial, banking, insurance, non-financial/business, outsourcing, research and development, courier, technology testing and analysis.
In the previous week, the centre allowed more prospects for FDI. It diluted the stiff condition of local sourcing for single-brand retail, in alignment to the measures aimed at reviving growth.
It also okayed cent percent FDI in commercial coal mining as well as in contract manufacturing through the automatic route, expecting to gain global vendors willing to diversify supply chains as the United States and China are in tussle over a tariff war.
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