India received $3.75 bn FDI in '04

India received a record foreign direct investment of $3.75 billion (Rs 17,266.52 crore) during the calender year 2004, government said on Wednesday.

Interestingly, Mauritius took the lead in the total FDI to India with a share of 31.23 per cent. USA followed with 20.15 per cent.

Among the sectors that attracted most of the investment were electrical equipments, pharma and consultancy services.

Electrical sector contributed over one-fourth of the total FDI during the year while drugs and pharmaceuticals accounted for 10.63 per cent and consultancy 8.03 per cent.

The total 2004 FDI amount does not contain re-invested earnings and other components of FDI. This part of FDI would get reflected at the end of the fiscal year 2004-05 with total inflows.

In the FDI Confidence Index 2004 of the MNC consultant A T Kearney, India ranked the third most attractive investment destination in the world.

In the annual report for the year 04-05, the department of industrial policy and promotion had attributed government's liberal, transparent and investor friendly FDI policy for the upsurge.

Government had allowed 100 per cent FDI under automatic route in most sectors. Under the scheme, a foreign company does not require any approval but only needs to intimate to the Reserve Bank of India within 30 days of inward remittance and issue of shares.