Foreign direct investment (FDI) in India grew by 13 percent to a record of $49.97 billion in the 2019-20 financial year, according to official data. The country had received FDI of $44.36 billion during April-March 2018-19.
Sectors which attracted maximum foreign inflows during 2019-20 include services ($7.85 billion), computer software and hardware ($7.67 billion), telecommunications ($4.44 billion), trading ($4.57 billion), automobile ($2.82 billion), construction ($2 billion), and chemicals ($one billion), the the Department for Promotion of Industry and Internal Trade (DPIIT) data showed.
Singapore emerged as the largest source of FDI in India during the last fiscal with $14.67 billion investments.
It was followed by Mauritius ($8.24 billion), the Netherlands ($6.5 billion), the US ($4.22 billion), Caymen Islands ($3.7 billion), Japan ($3.22 billion), and France ($1.89 billion).FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth.