In­dia re­ceived $24b in FDI from EU in last 3 years

The Pak Banker - - BUSINESS -

As per of­fi­cial fig­ures, In­dia re­ceived USD 6.23 bil­lion in FDI eq­uity in­flows from EU in 2012-13 which in­creased to USD 9.06 bil­lion the next year. De­spite the Free Trade Agree­ment talks with the Euro­pean Union be­ing in limbo, In­dia has re­ceived an im­pres­sive USD 24 bil­lion in For­eign Di­rect In­vest­ment from the 28-na­tion bloc over the last three years.

As per of­fi­cial fig­ures, In­dia re­ceived USD 6.23 bil­lion in FDI eq­uity in­flows from EU in 2012-13 which in­creased to USD 9.06 bil­lion the next year. The FDI in­flow was USD 8.20 bil­lion in 2014-15, which was a de­cline of USD 862 mil­lion com­pared to the year ago pe­riod. In 2015-16, the amount in first two months of cur­rent fis­cal was USD 1.39 bil­lion.

In to­tal, In­dia re­ceived USD 24.91 bil­lion in FDI eq­uity in­flows from EU be­tween April 2012 and May 2015. The EU has been In­dia's largest trad­ing part­ner and the two-way trade is likely to swell sig­nif­i­cantly if the coun­tries could firm up the long-pend­ing Free Trade Agree­ment, of­fi­cially called the Broad­based In­vest­ment and Trade Agree­ment (BTIA).

In­dia had on Wed­nes­day de­ferred sched­uled talks on the pro­posed pact later this month which was to re­sume af­ter a gap of two years af­ter the EU im­posed a ban on around 700 generic drugs which were clin­i­cally tested by In­dia's GVK Bio­sciences on the ground of inac­cu­racy in data. In March, the EU had not re­sponded to In­dia's pro­posal for a brief visit by Prime Min­is­ter Naren­dra Modi to Brus­sels, the head­quar­ters of the bloc, dur­ing his trip to France, Ger­many and Canada in April.

How­ever, it re­cently in­vited him for the In­dia-EU sum­mit just be­fore or af­ter the G-20 sum­mit sched­uled to be held in Novem­ber in Tur­key. The last In­dia-EU Sum­mit had taken place in 2012.

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