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FDI inflows into the Service Sector declined by 47.5 Percent
As per the data released by the Department of Industrial Policy and Promotion (DIPP) on 4 November 2013, Foreign direct investment (FDI) inflows into the service sector declined by 47.5 percent to 1.19 billion US dollars during the April-August 2013 period. The service sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI (foreign direct investment) worth 2.28 billion US dollars in April-August 2012 period. The services sector contributes over 60 percent to India’s GDP. In 2012-13, foreign investment in the segment declined to 4.83 billion US dollars from 5.21 billion US dollars in 2011-12.The other sectors where foreign inflows declined during the first five months of this fiscal as compared to the previous year include construction development (township and housing), power and metallurgical industries. On the whole, during the April-August 2013 period, FDI has increased by only 4 per cent to 8.46 billion US dollars, from 8.16 billion US dollars in the same period last fiscal. Foreign investments are considered crucial for India, which needs around 1 trillion US dollars in the next five years to overhaul its infrastructure sector such as ports, airports and highways to boost growth.