Defence industry received $2.18 mn FDI in 2018-19: Government
India | June 26, 2019 19:16 ISTIndia's defence industry received foreign direct investment (FDI) of a meagre USD 2.18 million during 2018-19, the Parliament was informed on Wednesday.
India's defence industry received foreign direct investment (FDI) of a meagre USD 2.18 million during 2018-19, the Parliament was informed on Wednesday.
"Investment was strong in manufacturing, communication and financial services -- the top three industry recipients," said the UNCTAD World Investment Report 2019 released on Wednesday.
The sector attracted FDI worth USD 6.7 billion in 2017-18. Services sector includes finance, banking, insurance, outsourcing, R&D, courier, tech testing and analysis.
The report, however, said that with the USD 22 billion FDI, India just about managed to make it to the top 10 host economies receiving the most FDI during the period.
Currently, she said, there is a problem in collating foreign direct investment (FDI) data related to the defence sector.
CII President Rakesh Bharti Mittal noted that GST, reforms in Ease of Doing Business, FDI, labour, agriculture, and many other initiatives aimed at improving the overall investment climate.
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In its draft report, the committee had said it was not an appropriate time to divest stake in Air India and that the airline should be given at least five years to revive.
Until now, Foreign Direct Investment up to 49 per cent was permitted under the automatic route
The Confederation of All India Traders said the move will facilitate easy entry of MNCs in the retail trade.
The Union Cabinet on Wednesday approved a proposal to allow 100 per cent Foreign Direct Investment (FDI) under automatic route for single brand retail trading.
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The report said that FDI worth Rs 200 crore (USD31.25 million) from Dassault is nearly six times the cumulative inflow of around Rs 38 crore (USD5.12 million) in the defence sector since 2001.
The Foreign Direct Investment (FDI) has seen a huge jump from $34,487 billion to $61,724 billion since 2013, Prime Minister Narendra Modi said on Wednesday
Retailers have been quick to seize the opportunity with 86 per cent of e-commerce dominated by pure-play online retailers in 2016.
India has remained ahead of China and the US as far as FDI inflows were concerned in the last year, said the fDi Report 2017 compiled by fDi Intelligence, a division of The Financial Times Ltd.
Approval for FDI in sectors that fell under the ambit of the FIPB will now come from the ministries concerned and a fresh mechanism for the same is on the anvil, the Finance Minister said
CBI sources said that the investigation and documents in their possession showed that Karti was paid huge sums for facilitating approval from the finance ministry for foreign direct investment into INX Media in 2007
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