India's FDI saw triple growth last fiscal year
India's FDI increased threefold last fiscal year due to huge investments by overseas investors.
According to India's commerce minister Kamal Nath, "FDI in the fiscal year ended March 31 rose to about Rs.70, 400 crore ($16 billion) from Rs. 24, 200 crore ($5.5 billion) in the previous year. These figures do not reflect the billions of dollars that have been coming into the stock and bond markets."
Nath attributed the surge to India's economic boom and increasing liberalisation of rules regarding overseas investment in recent years.
Last year, several global companies, including IBM, Nokia, General Motors and Suzuki, announced major investments in the country.
Today, foreign direct investment flows account for 6.8 per cent of total investment in the country, up from 0.5 per cent three years ago, said Nath.