New Delhi, Sep 10 (Inditop.com) Despite a global slowdown, the inflow of foreign direct investment into India was 56.5 percent higher in July at $3.52 billion against $2.25 billion in the like month of last year, Commerce Minister Anand Sharma said Thursday.
“Our foreign direct investment equity inflows indicate an increase of 56.5 percent in US dollar terms and 77 percent in rupee terms over July 2008,” Sharma told a press conference here.
“The inflows in July have been against $2.58 billion during the month of June 2009 and $2.10 billion received during the month of May 2009,” the commerce minister said, adding this has been impressive given the current economic situation in India and overseas.
According to him, India received a record inflow of $35.17 billion during the previous fiscal, including reinvested capital and other earnings. The corresponding figure for the previous fiscal was $34.36 billion, he said.
Sharma told reporters that the cabinet has also approved a non-profit company to promote foreign investment into the country as a joint venture among the central and state governments and the Federation of Indian Chambers of Commerce and Industry.
“The unique feature is the partnership between a private sector organisation, the Government of India and state governments. This is unlike anywhere else in the world,” he said.
The authorised capital will be Rs.10 crore, and a paid-up capital of Rs.1 crore – with the industry chamber holding 51 percent and the remaining with the central government that will be eventually reduced to 35 by giving stakes to state governments.
