Bouyed with the surge in FDI flows, Commerce and Industry Minister Kamal Nath said on Saturday the government has set a target of attracting $25 billion of investment in 2007-08.
"Last fiscal, FDI touched $15 billion as against $5.5 billion in 2005-06," Nath said at a CII interaction with Japanese Trade Minister Akira Amari.
"If reinvested earnings are taken into account, FDI in 2006-07 totalled $18 billion as against $7.5 billion in the previous financial year," he added.
FDI target for the 2006-07 was $12 billion and for this fiscal it has been pegged at
$25
billion.
Healthy foreign investment flows reflect India's growth and confidence of investors in the country, he said.
Indian economy has been expanding at over eight per cent for the past three years and is set to clock a growth rate of
nine per cent in 2006-07, the second-fastest pace among major countries in the world after China.
The booming economy, robust stock and commodity markets, growing consumer class and rising incomes have attracted a large number of foreign investors in a host of sectors ranging from automobile and other manufacturing areas to financial services such as banking.
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