FDI up 23% at US$10 billion during April-May: Nirmala Sitharaman

Foreign direct investment (FDI) grew by 23% to US$ 10.02 billion during April-May this fiscal, Parliament was informed on Tuesday. 

In 2016-17, the foreign fund inflows aggregated at US$ 60.08 billion, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. She said that to promote FDI, the government has put in place an investor-friendly policy. "Except for a small negative list, most sectors are open for 100% FDI under the automatic route," she added. The minister also said that after abolition of the foreign investment promotion board, the work of monitoring of the compliance of conditions, including the past cases approved by erstwhile FIPB has been assigned to the concerned administrative ministries.

In a separate reply, Sitharaman informed that India has received US$ 182.4 million FDI in food products during April- May period of this fiscal. In food processing industries, foreign players have invested US$ 187.9 million during the period. As per the FDI policy, FDI up to 100%, under the automatic route, is allowed in food processing industries. Further, 100% FDI under government route for retail trading, including through e-commerce, is permitted in respect of food products manufactured and/or produced in India.