India received $5.34 billion FDI in April/May

FDIMinister of State for Finance Arjun Meghwal informed Parliament that during April-May, the first two months of the current financial year, India received $5.34 billion foreign direct investment.

During April-May India saw $4.76 billion FDI under the automatic route, while $582 million came through the approval route.

The Minister said the government has made changes in the FDI policy in several sectors, so as to ensure that the country remains an increasingly attractive, investor friendly destination.

The government relaxed the FDI Policy in defence, pharmaceuticals, aviation, food retailing and broadcast. Consequently during the period defence received no FDI, but pharmaceuticals attracted $452.86 million foreign inflows.

The other sectors include air transport ($5.65 million), Information and Broadcasting ($39.2 million) and retail trading ($ 7.94 million).

Minister Meghwal also said, in the first quarter April-June of 2016-17 Foreign Portfolio investors contributed Rs.10,4561 crore.