News: 'Indian FDI worth $10 bn expected in FY-07'

(PTI 07/04/2006) Mumbai - Bullish on modestly increasing foreign investment inflow into the country, Union Government on Friday said it hopes to attract Foreign Direct Investment to the tune of USD 10 billion this fiscal.

"We hope to have FDI worth USD 10 billion in 2006-07," Industrial Policy Secretary Ajay Dua said.

Most of this would come into the manufacturing sector while, the remaining would be mainly into pharmaceutical sector and research and development, he added.

"We had FDI worth USD 5.3 billion in FY-05 and the inflow from April 2005 to January this year saw an increase of 60 per cent," he said.

According to calculations done by RBI, we think FDI inflows for FY-06 have crossed USD 7 billion mark, he added.