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FDI in services dip 47.5% at $1.19 bn in Apr-Aug

By Religare

FDI in services dip 47.5% at $1.19 bn in Apr-Aug
Foreign Direct Investment (FDI) inflows in the Indian services sector fell sharply by 47.5 per cent in the five months to August 2013 at USD 1.19 billion, weighed down by unwanted restrictions on the entry of foreign players in some sectors.

The sector had received FDI of USD 2.28 billion in the corresponding quarter of previous fiscal, said data from the Department of Industrial Policy and Promotion (DIPP).

The services sector, which contributes over 60 per cent to India's GDP, includes industries such as banking, insurance, outsourcing, R&D, courier and technology testing.

The data showed that FDI inflows in Apr-Aug period were hit by poor performance in construction development (township and housing), power and metallurgical industries.

Meanwhile, overall FDI in the Apr-Aug period grew by 4 per cent to USD 8.46 billion from USD 8.16 billion in the same period a year ago.

Read more about: fdi dipp
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