India’s FDI up 3.5% in ’02 at $4.43 bn

India’s foreign direct investment (FDI) inflows during the year 2002 increased by a mere 3.5 per cent at $4.43 billion despite government’s continued efforts to liberalise the economy. Sources said here that as per data compiled by the industry ministry, total FDI inflows during January-December 2002 was pegged at $4.43 billion compared to $4.28 billion in 2001. In rupee terms, the FDI inflows registered over 10 per cent increase at Rs 21,285.97 crore in 2002 compared to Rs 19,265.10 crore last year.

Total FDI inflows of 2002 also includes an amount of $208.34 million as control premium paid to the Government by Suzuki Motor Corporation. The amount was paid by Suzuki towards shares issued by them on renouncing of rights by the government in Maruti Udyog. During December, India garnered FDI inflows worth $666.3 million compared to $463.2 million last year.