Commerce and Industry Minister Piyush Goyal has said that foreign direct investments (FDI) into India grew 3 per cent to $6.95 billion in April 2019 as compared to $6.77 billion FDI inflows in April 2018. The country had recorded the highest-ever total FDI inflow of $64.38 billion during 2018-19, which was 6 per cent higher as compared to 2017-18.
He also said 59 FDI proposals were approved in 2018-19 and five in April this fiscal. Besides, he said the Enforcement Directorate is conducting investigation in 581 cases under the Foreign Exchange Management Act, 1999, (FEMA) for alleged violation of FDI norms. He added that disclosure of other details of these cases may not be in large public interest as the same may adversely impact the ongoing investigations.
Goyal further said there is no proposal under government’s consideration to increase FDI in the multi-brand retail sector. The country has received a FDI proposal in the sector from one foreign company of UK. According to the FDI policy, a foreign retailer can take 51 per cent stake in a domestic firm under government approval route.
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