FDI inflows surge by 54% in Jan-June 2011

Amidst global uncertainties, India's Foreign Direct Investments surged by 53.8% in the first six months of this calender year to Rs 75,506 crore.

FDI was Rs 49,099 crore during January-June 2010, Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.

Meena said that under the government approval route, foreign direct investment up to Rs 1,200 crore can be cleared by the finance minister on recommendations of Foreign Investment Promotion Board (FIPB). Investments above this limit are sent to the Cabinet Committee on Economic Affairs for approval.

"The benefit of automatic route is intended to dispense with the need of multiple approvals," he said.

The surge in India's FDI has come at a time when there are economic uncertainties in Europe and the US, the biggest sources of investment globally.