Indian economy on a roll; FDI inflows of 4.4 bn in Apr-Sep 06

New Delhi, Nov 20: The Indian economy is on a roll, notching up a record 4.4 billion US dollars in foreign direct investment (FDI) during April-September 2006 up 100 per cent from 2.2 billion US dollars received in the same period last year, Commerce Minister Kamal Nath today said.

The impressive growth in FDI equity inflows is the highest recorded in any six-month duration and is higher than the total yearly inflow in any period prior to 2005-06 (which, however, received a higher FDI inflow of 5.5 billion dollars).

Singapore has emerged as the second largest investor in India, pipping the United States and the United Kingdom with a total investment of 481.7 million dollars -- a growth of 305 per cent compared to FDI inflows in the corresponding period of last year, the minister told newspersons here.

The period also saw two other firsts -- industrial growth logged double-digit growth of 10 per cent during the past 11 years and a 12 per cent jump in manufacturing rate of growth, he further announced.

FDI inflows have registered a consistent growth in the past three years, he said, noting that in September alone this rose to 916 million dollars compared to 282 million dollars garnered during September 2005, showing a spectacular rise of 225 per cent.

FDI inflows for the month of September 2006 vaulted to 916 million dollars against 282 million dollars in September 2005, he said.

Chennai (inclusive of Tamil Nadu and Pondicherry) had emerged among the front ranking destinations for FDI attracting 437 million dollars registering a jump of 226.8 per cent.

New Delhi (Delhi and part of UP and Haryana) saw FDI inflows of 936.5 million dollars a growth of 25 per cent followed by Mumbai (Maharashtra, Dadra and Nagar Haveli, Daman and Diu) got 867.5 million dollars showing a 190.62 per cent growth.

In the case of Hyderabad (inclusive of Andhra Pradesh), it received 288.9 million dollars in FDI inflows and Ahmedabad (Gujarat) 207.6 million dollars.

UNI