India has received $ 5.34 billion Foreign Direct Investment (FDI) in the first two months of the current financial year, indicating that the government has been able to create a suitable climate in which the foreign investors feel confident that interest is protected.
During April-May the country attracted $4.76 billion FDI under automatic route, while $582 million came through the approval route. During April-May, defence received no FDI, while pharmaceuticals attracted $ 452.86 million foreign inflows, followed by air transport which attracted $ 5.65 million, information and broadcasting attracted $ 39.2 million and retail trading attracted $ 7.94 million.
Minister of State for Finance Arjun Meghwal has said that the government has made changes in the FDI policy in several sectors like defence, pharmaceuticals, aviation, food retailing and broadcast to ensure that India remains increasingly attractive and investor friendly investment destination.
Meghwal also said that in the first quarter, April-June, of 2016-17 Foreign Portfolio Investors pumped in Rs 10,4561 crore. He added that to attract global investor, a number of reforms were taken in the FDI policy and FPI policy.