FDI increases in the urban development sector
The urban development minister M Venkaiah Naidu told the Parliament Wednesday that the state of FDI investments is showing green. India’s urban development sector received foreign direct investment (FDI) worth $1.3 billion (Rs 7,924.85 crore) during the 2013-14 fiscal.
The FDI, in the form of equity, was used for construction of townships, and in projects of housing, infrastructure development etc. Delhi topped the list of recipients with an investment of $ 565.97 million; which was followed by Chennai ($220.84 million), Mumbai ($177.04 million) and Modi’s own city Ahmedabad ($ 131.77 million).
It is expected that in the current fiscal of 2014-15, the FDI will increase in the urban development sector of the country. Post elections the sentiments are favourable, and Arun Jaitley’s maiden budget also had provisions for FDI in the sectors like infrastructure, real estate, manufacturing and defence.
Investors from Singapore, Russia, and Europe have had talks with the ministries of our country and the investments are in the pipeline for FY 2014-15. Since India is a developing nation and the rest of the world looks at it as a growth haven, they can expect good return on investments for their money.
The telecom sector also attracted over 4-fold growth in foreign investments at $1.3 billion during the financial year 2013-14. India’s telecom sector has registered a phenomenal growth during the past few years and has become the second largest telephone network in the world, next only to China.
Source- The Financial Express
finance minister Arun Jaitley, Infrastructure, M Venkaiah Naidu, manufacturing, Realty News, urban development sector
