In a statement the Indian government said, it has attracted foreign direct investment (FDI) to the tune of $22.53 billion during the first three months of the fiscal year starting from April 1; this is 90% higher than the April-June period last year.
The Indian automobile industry accounted for 27% of the total FDI equity inflow, emerging as the brightest sector in Asia’s third-biggest economy, followed by computer software and hardware and the services sectors which accounted for 17% and 11% of the inflows respectively, said the India’s trade ministry in a statement.
“Measures taken by the Government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country,” reads the statement.
Indian Prime Minister Narendra Modi’s Administration has trimmed corporate tax rates in order to woo manufacturers and boost private investments. The Administration has also passed farm laws and labour reforms aimed at easing the ease of doing business in the country.