Indian FDI in services sector falls y/y
Tuesday, 10 June 2014
NEW DELHI, June 9 (Xinhua): Foreign direct investment (FDI) in the services sector declined by 54 per cent year-on-year to US$2.22 billion in the fiscal year 2013-14 in India, said the government on Sunday.
The Department of Industrial Policy and Promotion said foreign investment in banking, insurance, outsourcing, research and development, courier and technology testing, construction and hotel and tourism all declined during the past fiscal year.
In the 2012-13 fiscal year, India received FDI worth $4.83 billion in its service sector, which accounted for over 60 per cent to India's gross domestic product (GDP).
The decline in foreign investments could affect the country's balance of payments and the rupee, said Press Trust of India.