India attracts $2.34 billion FDI in first month of the fiscal news

India attracts $2.34 billion FDI in first month of the fiscal news
The Financial Express, June 24, 2009, Page 2

India has attracted $2.34 billion in foreign investments in April, a rise of 19.3 per cent over the previous month.

This was however lower compared to the figure in April last year. According to sources, in April 2009, the FDI was about 19 per cent higher than March.

The capital investments in April and March last year were $3.74 billion and $1.96 billion, respectively.

In the last two years, the first six months saw investments worth $27.30 billion and $24.5 billion in 2008-09 and 2007-08 respectively.

According to the rating agency CRISIL's principal economist D K Joshi, the current financial year would see more challenges due to the global recession.

"Given the poor global economic scenario, the figures are not too discouraging but the year 2009-10 will be more challenging," Joshi said.

India's FDI target was scaled down by 5 billion from $35 billion last year. The cumulative FDI from April 2000 to March 2009 was about $90 billion.