New Delhi: Foreign direct investment (FDI) in services sector grew 36.5% to $9.15 billion in 2018-19, according to the Department for Promotion of Industry and Internal Trade. The sector attracted FDI worth $6.7 billion in 2017-18. The government has taken several measures like fixing timeliness for approvals and streamlining procedures to improve ease of doing business in the country and attract foreign investments. Increasing FDI inflows in services sector is vital as it contributes over 60% to the gross domestic product. The sector accounts for about 18% of the total FDI India received between April 2000 and March 2019. Other sectors that recorded healthy growth in FDI inflows include computer software and hardware, trading, automobile industry, and chemicals. The overall FDI inflows declined for the first time in the last six years in 2018-19, falling 1% to $44.37 billion as foreign investments fell significantly in telecommunication and pharmaceutical sectors, official data showed. PTI
from The Tribune http://bit.ly/2QMTPiQ
via Today’s News Headlines
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