India, China’s FDI inflows surge during first half of 2011
17 Aug 2011
Asian giants India and China saw their foreign direct investments (FDI) surge in the first half of 2011 amidst global uncertainties, indicating the stable growth in these countries that continued to attract foreign investments.
India's FDI surged by 53.8 per cent to Rs75,506 ($16.68 billion) crore during January-June 2011, while China's rose by 18.57 per cent year on year to $69.19 billion in the seven months of this year, according to official data.
The surge in India and China's FDI has come at a time of global economic uncertainties in Europe and the US, the biggest sources of investments overseas.
India's FDI stood at Rs49,099 crore during January-June 2010, minister of state for finance Namo Narain Meena said in a written reply to the Rajya Sabha yesterday.
Meena said that under the government approval route, FDI up to Rs1,200-crore limit is cleared by the finance minister on recommendations of the Foreign Investment Promotion Board (FIPB) while investments above this are sent to the Cabinet Committee on Economic Affairs for approval.
"The benefit of automatic path is intended to dispense with the need of multiple approvals," he added.
