Foreign direct investment zooms 60% to $4.68 billion in November

New Delhi: With the government taking steps to improve ease of doing business and relax regulations, foreign direct investment into the country surged by 60 percent to USD 4.68 billion in November 2016.

The FDI stood at USD 2.93 billion in November 2015.

During the period, India received maximum FDI from Singapore, Mauritius, the UK, the US, the Netherlands and Japan, an official said.

Cumulatively, India attracted USD 32.49 billion foreign inflows in April-November period of the current fiscal as against USD 24.81 billion in the same period previous year.

The main sectors which have attracted foreign inflows during the eight months period of 2016-17 include services (USD 6.69 billion), telecom (USD 5.47 billion), computer hardware and software (USD 1.61 billion), electrical equipment (USD 2 billion) and information & broadcasting (USD 1.06 billion).

Foreign investments are considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth.

A strong inflow of foreign investments will help improve the country's balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar.

To reduce one more layers of approval process, the government in the Budget proposed to abolish the Foreign Investment Promotion Board (FIPB) and further relax the FDI policy.