World Economy

India Service Sector FDI Dips

India Service Sector FDI DipsIndia Service Sector FDI Dips

India’s services sector witnessed around 14% decline in FDI at $636 million in the first quarter of the current fiscal, NewsNow reported. The services sector—which includes banking, insurance, outsourcing, R&D, courier and technology testing—had received a foreign direct investment worth $738 million during April-June 2014, Department of Industrial Policy and Promotion data showed. The services sector contributes about 60% to the India’s economic growth. In FY 2013-14, foreign investment in the sector increased to $3.25 billion from $2.22 billion in the preceding fiscal. The FDI in the sector may pick up in the coming months as the government has relaxed norms in insurance and other areas, an official said.