Foreign Direct Investment (FDI) into India grew by 12 per cent year-on-year to $1.65 billion in July
, highest since April.
In July 2012, the country had received FDI worth $1.47 billion.
According to the data of the Department of Industrial Policy and Promotion (DIPP), FDI inflows in April, the first month of the current financial year, stood at $2.32 billion.
A DIPP official said that the recent steps announced by the government would further help in attracting FDI inflows and improving the investment environment.
The government has liberalised FDI policy
in as many as 12 sectors which include telecom, tea and petroleum and natural gas.
During the April-July period
, FDI has grown by 20 per cent to $7.05 billion, from $5.90 billion in the same period last financial year, the data said.
The sectors that received large inflows during the first four months of the 2013-14 fiscal include services ($1.02 billion), pharmaceuticals ($1 billion), automobile industry ($637 million) and construction ($359 million).
The maximum FDI during the period came from Singapore ($2.21 billion), followed by Mauritius ($1.85 billion), the Netherlands ($520 million), Germany ($518 million), and the US ($371 million).
India is estimated to require about $1 trillion between 2012-13 and 2016-17, the 12th Five Year Plan period, to fund infrastructure growth covering sectors such as ports, airports and highways.
FDI inflows in 2012-13 aggregated $22.42 billion, a decline from $36.50 billion in 2011-12.
Overall, an increase in FDI will help support the rupee, which depreciated to a record low of 68.8 against the US dollar on August 28. It has strengthened since then to 63-level.with inputs from PTI