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Most Original Idea: Focus on Social Security

Government-backed NBFCs should be set up to persuade weaker sections of society to participate...

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FDI reverses decline in May, rises 5.6% to $2.21 billion

The inflows are likely to remain healthy but there could be some volatility given the global scenario, particularly the European events, said CRISIL chief economist, DK Joshi.

India’s foreign direct investment (FDI) in May this year rose by 5.6% to $2.21 billion, reversing the decline in the previous two months, reports PTI.

The FDI inflows in May 2009 were $2.09 billion. “Quick estimates indicate the foreign fund inflows in May were up by 5.6%,” an official source told PTI.

The inflows in the first two months of FY11 were, however, down by about 1% at $4.39 billion. The FDI in April was $2.21 billion, down 5.1% year-on-year. In March, the inflows had contracted by about 38%.

CRISIL chief economist, DK Joshi, said the inflows are likely to remain healthy but there could be some volatility given the global scenario, particularly the European events. “India remains a strong magnate due to its economic growth,” he said.

The government has been taking measures to streamline the procedures for foreign investors.  The Department of Industrial Policy and Promotion (DIPP) had initiated a concept paper proposing a hike in FDI cap of 26% in the defence sector. Similar papers are expected on sectors like multi-brand retail, agriculture and pharmaceutical, sources said. The FDI for 2009-10 at $25.88 billion was down 5% from $27.33 billion in the previous fiscal.

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