India's FDI inflows unchanged at $ 1.1 billion in December

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India received $ 1.1 billion of foreign direct investment in December 2013, unchanged from the level in the same month a year earlier, according to data from the Department of Industrial Policy and Promotion.

For the April-December period, foreign investment inflows dipped 2 per cent to $ 16.56 billion from $ 16.94 billion during the corresponding period of the previous year, it said.

During the first nine months of this financial year, the highest FDI came in services ($ 1.59 billion), followed by pharmaceuticals ($ 1.26 billion), construction development ($ 914 million) and automobiles ($ 871 million).

Mauritius led inflows into India with $ 3.67 billion of FDI during April-December, followed by Singapore ($ 3.2 billion), UK ($ 3.14 billion) and the Netherlands ($ 1.6 billion).

The country needs foreign investment to help regain its growth momentum. India's economic growth slowed to a decade's low of 4.5 per cent in 2012-13.

India is estimated to require about $ 1 trillion between 2012-13 and 2016-17, the 12th Five-Year Plan period, to fund infrastructure projects.

A decline in FDI would hurt the rupee, which depreciated to a record low of 68.85 against the US dollar on August 28 last year. The local currency has rebounded since then and closed at 62.20 per dollar yesterday.

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