NEW DELHI: In some bad news for the Modi government, Foreign Direct Investment (FDI) equity inflows to India from April to December 2018 have declined by seven per cent.
Latest figures released by the Department for Promotion of Industry and Internal Trade (DPIIT) shows that India managed to attract almost $33.5 billion from April to December 2018. In the same period in 2017, India’s FDI equity flows stood at almost $36 billion, report agencies.The Modi government had stopped publishing quarterly FDI data since August 23, 2018. It resumed publishing FDI data in February this year.
The latest release that captures FDI flows in the third quarter of 2018-19 shows that there has been a drastic decline in FDI in six out of the 10 sectors attracting the highest FDI flows.
Sectors that have seen a decline in FDI during this period include computer software and hardware, telecommunications, construction, infrastructure, pharmaceuticals and power. In absolute dollar terms, the telecommunications sector took the biggest hit witnessing a decline of almost $3 billion in April-December 2018 as compared to same period last year.
In percentage terms, the pharmaceuticals sector took the biggest hit with FDI equity inflows declining by almost 81 per cent (or $921 million) during the period.