The FDI Approvals in 2005 in India grew by 33.8% and resulted 8.4% growth of Indian economy. The Indian states of Maharashtra, Delhi, Tamil Nadu, Karnataka and Gujarat recorded the highest number of FDI Approvals in 2005.
Apart from the instability in the inflation rate, the Indian financial market still registered steady growth due to huge FDI Approvals in 2005.
Highlights of the FDI Approvals in 2005:
- FDI Inflow in India grew by 33.8% in the year 2005
- Till November 2005, the inflow of FDI in India was around Rs. 5947 crores
- The electrical equipment sector was the largest recipient of such FDI, registering an inflow of 16.62% of the total value
- Indian states of Delhi, parts of Uttar Pradesh and Haryana, Maharashtra, Dadra and Nagar Haveli and Daman and Diu attracted around 50% of the total FDI inflow during the said period
- In terms of FDI approvals the Indian states of Maharashtra, Delhi, Tamil Nadu, Karnataka and Gujarat took away the bulk of the share
The FDI Approvals in 2005 and its effects on the economy of India are as follows -
- The Indian GDP rose to US $ 797 billion
- Real growth rate of Indian economy stood at 8.4%
- Per capita GDP was US $ 761
- Agriculture sector registered growth of 21% of GDP and comprised of agricultural products like wheat, rice, coarse grains, oilseeds, sugar, cotton, jute, tea, etc
- Manufacturing industry registered 28% growth and it included commodities like textiles, jute, processed food, steel, machinery, transport equipment, cement, aluminum, fertilizers, mining, petroleum, chemicals, and computer software
- Services and transportation industry recorded a record growth of 51% of GDP
- Indian exports was of worth US $ 105 billion and comprised of agricultural products, engineering goods, precious stones, cotton apparel and fabrics, gems and jewelry, handicrafts, tea. Indian Software exports was of worth US $ 22 billion
- Indian imports amounted to US $ 156 billion and comprised of petroleum, machinery and transport equipment, electronic goods, edible oils, fertilizers, chemicals, gold, textiles, iron and steel from countries like US, China, EU, Russia, Japan
- Foreign portfolio and direct investment inflows grew significantly and amounted to the US $ 166 billion Government receipts from disinvestment amounted US $ 3 billion
- Around 28% of the population were below the poverty line, and there was a rise middle class to the tune of 325-350 million with disposable income for consumer goods
- The revenues from the information technology industry reached a turnover of $23.6 billion in 2005-06 and Software exports crossed $22 billion
- Personal computer penetration was 14 per 1000 person
- The cellular mobile market grew to over 100 million subscribers
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