India received $40.82 billion FDI till Dec in FY16

New Delhi: Foreign Direct Investment (FDI) inflows stood at USD 40.82 billion till December in the fiscal 2015-16, Parliament was informed on Friday.

For 2014-15, FDI inflows were USD 44.29 billion, up 23 percent as compared to the previous fiscal.

Giving details in Parliament about FDI investment in the last six years, Minister of State for Finance Jayant Sinha said foreign investment in most of the sectors is already under automatic route.

In 2013-14, FDI inflows were up 5 per cent at USD 36.05 billion. However, inflows dropped by 26 percent in 2012-13 to USD 34.30 billion, after having grown by 34 percent in 2011-12 to USD 46.56 billion.

But in 2010-11, the FDI inflows were down 8 percent to USD 34.85 billion.

"Government approval is required for only few sectors which are listed in the consolidated FDI policy," Sinha said in a written reply to Lok Sabha.

The minister said the government has put in place a policy framework on FDI, which is transparent, predictable and easily comprehensible.

FDI data is compiled by the Department of Industrial Policy and Promotion (DIPP).

To a query on allowing full fungibility in foreign investments, he said: "In order to provide simplicity to FDI policy and bring clarity on application of conditionalities and approval requirement across various sectors, different kinds of foreign investments have been made fungible under one composite cap."

Sinha said the government has also introduced full fungibility of foreign investment in banking-private sector.

"Accordingly, different categories of institutional investors can now invest in private sector banks up to the sectoral limit of 74 percent, provided that there is no change of control and management", Sinha said.