Foreign direct investment inflows into India are well on their way to crossing the $5-billion mark in the fiscal year 2005-06, with a top official on Thursday, saying that the country had received investments worth $1.6 billion in the first four months of the current fiscal.
"We are well on our way to achieving over $5 billion, as against $3.73 billion received last fiscal," said Ajay Dua, secretary, department of industrial policy and promotion, ministry of commerce.
The total FDI inflow in the first four months marked a 40 per cent increased compared to the same period last year, while the inflow in July marked an 85 per cent jump compared to the same month last year, he said.
Prime Minister Manmohan Singh has sought $10-15 billion as FDI in core sectors every year over the next 15 years. Though specific details were not immediately available as to which sector attracted how much FDI, Dua said auto, fuel (refineries, power plants) and general engineering sectors garnered most of the money that came in.
Asked whether there was any forward movement on allowing FDI in retail sector, he said: "The government has not taken any decision so far."
Most of the FDI was routed through Mauritius, followed by the United States, he said, adding that with the signing of the Comprehensive Economic Cooperation Agreement with Singapore, New Delhi hoped that FDI through the Mauritius route would wane.