India gets FDI of $ 24.57 in FY08

New Delhi, May 2 (UNI) India received 24.57 billion dollars of foreign direct investment in 2007-08 and expects it go up to 35 billion dollars this year, Commerce and Industry Minister Kamal Nath said today.

FDI receipt in the year goneby was up 56 per cent from 15.7 billion dollars in 2006-07.

With this, India became the third largest recepient of FDI in Asia after China and Hong Kong, pushing Singapore to the fourth position, he said.

Stating that 80 per cent of FDI was in new projects, he said this only showed the confidence that foreign investors have in the Indian economy.

He said FDI has risen eight times in last four years since 2003-04 when it was just 3.2 billion dollars.

UNI SAA SR KP2034