FDI inflow in mining increases

August 5th, 2011 - 7:35 pm ICT by IANS  

New Delhi, Aug 5 (IANS) Foreign direct investment (FDI) in mining sector during this April-May was Rs.436.61 crore ($98.28 million), surpassing the Rs.357.42 crore ($79.51 million) FDI inflows during the whole of last fiscal, the Lok Sabha was informed Friday.

“FDI approval granted is only for equity participation in a company incorporated in India,” Minister of State for Mines Dinsha Patel informed the Lok Sabha in a written reply.

The minisiter said the quantum of FDI in mining is far less than that of the domestic sector.

“FDI in exploration and mining in India is not considered huge in comparison to the total domestic sector, whose annual production is estimated to be in excess of Rs.2 lakh crore during 2010-11,” Patel said.

Currently, investments from FDI as well as domestic investments are both subject to the same policy and legislative framework.

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