New Delhi: A good news has come in the midst of a recession going on across the country. There has been an increase in foreign investment in the country. According to government data, FDI increased by 28 percent to $ 16.33 billion from April to June. The country received FDI(Foreign Direct Investment) of $ 12.75 billion in the first quarter of FY 2018-19.
According to data from the Ministry of Commerce and Industry, the services sector received $ 2.80 billion in the first quarter of this fiscal, $ 2.24 billion in computer software and hardware, $ 4.22 billion in telecommunications and $ 1.13 billion in business. The maximum FDI came from Singapore, $ 5.33 billion in FDI. It was followed by Mauritius with $ 4.67 billion, the Netherlands with $ 1.45 billion and Japan with $ 472 million.
Recently FDI rules have been relaxed in some areas. Recently, the Union Cabinet approved relaxation in FDI norms in several sectors including single-brand retail. The central government also approved 100% FDI in coal mining activities and contract manufacturing (production of goods by a company to another company under its brand or level). 26% of FDI has been approved in the digital media platform.
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