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FDI inflow to cross $7 bn in FY06

February 06, 2006 14:48 IST
The government expects foreign direct investment into India to cross $7 billion in 2005-06, with auto and mining sectors expected to attract huge funds.

"It will cross $7 billion," Ajay Dua, secretary, Department of Industrial Policy and Promotion said in New Delhi.  FDI inflow as of November 2005 stood at $3.3 billion. Figures for December 2005 are being computed, he said.

The government is expecting $300-400 million investment from steel major Posco in the mining sector.

Commerce Minister Kamal Nath had earlier set a target of $7.5 billion FDI inflow in 2005-06 and $10 billion in the next fiscal.

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