India's FDI doubles to $4.48 bn in Jan, highest in 29 months

Foreign direct investment in India more than doubled to $4.48 billion in January, the highest inflow in last 29 months.

In January 2014, the country had received $2.18 billion in foreign direct investment.

It was in September 2012 that India had attracted FDI that was worth $4.67 billion.

During the April-January period of the current fiscal, the foreign inflows have grown by 36 per cent, year-on-year, to $25.52 billion, according to data from Department of Industrial Policy and Promotion.

The inflows were at $18.74 billion during the same period a year ago.

Among the top 10 sectors, telecom received the maximum FDI of $2.83 billion in the 10-month period, followed by services ($2.64 billion), automobiles ($2.04 billion), computer software and hardware ($1.30 billion) and pharmaceuticals ($1.25 billion).

During the period (April-January), India received the maximum FDI from Mauritius at $7.66 billion, followed by Singapore ($5.26 billion), the Netherlands ($3.13 billion), Japan ($1.61 billion) and the US ($1.58 billion).

In 2013-14, FDI stood at $24.29 billion as against $22.42 billion a year earlier.

Healthy inflow of foreign investments into the country helped India's balance of payments situation and stabilised the value of rupee.

India is estimated to require around $1 trillion over five years to overhaul its infrastructure sector, including ports, airports and highways to boost growth.

Government is taking steps to boost FDI in the country.

It has relaxed FDI norms in sectors, including insurance, railways and medical devices.