Indian services sector sees 20% FDI growth after push to attract investors

Indian services sectorIndian services sector: The Indian government’s most recent attempts to improve the country’s business environment and to attract investment appear to be paying off with latest figures indicating that FDI inflows into the services sector grew by around 20% in the first half of the year to reach $1.46 bn.
Banking, insurance, outsourcing, R&D, courier and technology testing are all included in the sector’s classification and between them attracted $1.22bn according to data released by the Department of Industrial Policy and Promotion (DIPP). Earlier this year, the government hiked the insurance sector’s FDI cap to 49% and also relaxed the rules in the banking sector to allow portfolio investors to buy stakes of up to 74% in private banks.
The IT software and hardware, trading, and automobile sectors all also saw a surge in FDI over the same period with investment amounting to $3.05bn, $2.3bn and $a.46bn respectively. 

 
Source: indiatimes