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Foreign Direct Investment, A Sectoral Analysis (2009-2013)

Dr. Akanksha Singhi, Praneet Payodhi and Ms. Neha Gupta

Abstract:
Foreign Direct Investment (FDI) is considered to be the lifeblood of economic development
especially for the developing and underdeveloped countries. FDI is a tool for jump-starting
economic growth through its strengthening of domestic capital, productivity and employment
through the upgrading of technology, skills and managerial capabilities in various sectors
of the economy. The present paper attempts to analyze significance of the FDI Inflows in
various Indian sectors from 2006-2013. The Sector-wise Analysis of FDI Inflow in India
reveals that maximum FDI has taken place in the service sector including the
telecommunication, information technology, travel and many others. The service sector is
followed by the manufacturing sector in terms of FDI.

*Dr. Akanksha Singhi, Senior Lecturer, School of Economics, singhi.akanksha19@gmail.com.

**Mr. Praneet Payodhi, Student, School of Economics,payodhipraneet@gmail.com
***Ms. Neha Gupta, , Student, School of Economics ,nehu.jainy1993@gmail.com
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Key words:
FDI, Sectoral analysis, FDI inflow, Development, Infrastructure
Introduction
Foreign direct investment (FDI) is a direct investment into production or business in a country by
an individual or company of another country, either by buying a company in the target country or
by expanding operations of an existing business in that country. Foreign direct investment is in
contrast to portfolio investment which is a passive investment in the securities of another country
such as stocks and bonds.
Broadly, foreign direct investment includes "mergers and acquisitions, building new facilities,
reinvesting profits earned from overseas operations and intra company loans". In a narrow sense,
foreign direct investment refers just to building new facilities.
FDI plays an important role in the long-term development of a country not only as a source of
capital but also for enhancing competitiveness of the domestic economy through transfer of
technology, processes, products, organizational techniques, strengthening infrastructure, raising
productivity and generating new employment opportunities. FDI is widely accepted as a major
resource for the economic development of developing countries.
FDI provide opportunities to host countries to enhance their economic development and opens
new opportunities to home countries to optimize their earnings by employing their ideal resources.
In India, FDI is considered as a developmental tool, which can help in achieving self-reliance in
various sectors of the economy. With the announcement of Industrial Policy in 1991, huge incentives
and concessions were granted for the flow of foreign capital to India. India is a growing country
which has large space for consumer as well as capital goods. Indias abundant and diversified
natural resources, its sound economic policy, good market conditions and highly skilled human
resources, make it a proper destination for foreign direct investments.
Present status quo
When the bill for free foreign participation up to 49% in aviation sector was passed in September
2012 at the parliament session of India, it became a topic of debate with roaring objections from
the opposition parties to obstruct any further FDI reforms. However the leading congress party
won the retail FDI battle on 5 December 2012 with 253 votes, where PM Manmohan Singh
quoted, The policy will introduce new technology and investment in marketing agricultural produce

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and will create revenue model for farmers. The present ceilings on investment in various sectors
are: Hotel and tourism - 100% (AR)*, Private sector NBFCs - 49% (AR), Insurance 49%
(AR), Telecommunications - 49% (AR), Trading business 51% (AR), Power and electricity
100% (AR), Drugs and pharmaceuticals 100%(AR), Roads and transport 100% (AR), Pollution
control and management 100% (AR), Call centres and BPO 100% (AR), Pension industry
26 % (AR), Commodity exchange 26% FDI and 23% FII, Mining (titanium) 100%, etc. the
sectoral investment of various countries and the key indicators attracting the maximum flow of
FDI in a country has been shown in the table below.

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Modes of FDI:
A foreign company planning to set up business operations in India may:

Incorporate a company under the Companies Act, 1956, as a Joint Venture or a Wholly Owned
Subsidiary.

Set up a Liaison Office / Representative Office or a Project Office or a Branch Office of the
foreign company which can undertake activities permitted under the Foreign Exchange
Management (Establishment in India of Branch Office or Other Place of Business) Regulations,
2000.

Literature Review
Chakraborty Chandana and Basu Parantap, (2002), FDI and growth in India: a co integration approach
founded that booming foreign direct investment (FDI) in post-reform India is widely believed to promote

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economic growth. We assess this proposition by subjecting industry-specific FDI and output data to
Granger causality tests within a panel co integration framework. It turns out that the growth effects of
FDI vary widely across sectors. He studied that, only transitory effects of FDI on output in the services
sector. However, FDI in the services sector appears to have promoted growth in the manufacturing
sector through cross-sector spillovers. The study is explored through a structural co integration model
with vector error correction mechanism, by a two way link between FDI and long run relationship
exists between FDI and GDP, i.e. unit labour cost and import duty in total tax revenue. The study is
explored through a structural co integration model with vector error correction mechanism, by a two
way link between FDI and long run relationship exists between FDI and GDP, i.e. unit labour cost and
import duty in total tax revenue
Dr. S N Babar and Dr. B V Khandare, (2012) in their paper, Structure of FDI in India during
globalisation period. The study is basically focused on changing structure, trends and direction of
Indias FDI during globalisation period. The study is done through analysis of advantages of FDI for
economic growth and development. The study has been done through sectoral analysis of top sectors
FDI participation in the economy, as well as through study of country wise flow of foreign inflow in
India till 2010.
Jasbir Singh,Sumita Chadha, Anupama Sharma in their paper(2012)in their paper Role of Foreign
Direct Investment in India: An Analytical Study studied that Many countries provide many incentives
for attracting the foreign direct investment (FDI). Need of FDI depends on saving and investment rate
in any country. Foreign Direct investment act as a bridge to fulfil the gap between investment and
saving. In the process of economic development foreign capital helps to cover the domestic saving
constraint and provide access to the superior technology that promote efficiency and productivity of the
existing production capacity and generate new production opportunity. The present study is based on
the objectives like how much amount of foreign investment is required for Indias economic growth and
to analysis the trend of FDI & FIIs for economic development and how the status of economy has
improved after economic reforms and they founded that The foreign investment increased in both term
i.e. FDI and FIIs and mainly equity is the important route of FDI inflow. The highest amount of FDI
has gone to financing, Insurance, Real Estate and Business services which are 33.05 percent and
minimum went to research & scientific services which is 0.07 percent of total cumulative inflow of FDI
study period in India. These investments met the financial requirement for building up the basic and
essential infrastructure industries of priority sector. FDI are associated with various types of risks which
are expected to provide various linkages in the development of Indian economy. There is an upward
trend in the flows of foreign investment observed. We should provide the better environment for attracting
the foreign investment through direct as well as indirect methods. We should welcome inflow of foreign
investment in such way that it should be convenient and favourable for Indian economy and enable us to
achieve our cherished goal like rapid economic development, removal of poverty, internal personal
disparity in the development and making our Balance of Payment favourable.

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Nilanjana Kumari (2013) in her research paper, A study of FDI in India paper examines the present
and future status of FDI in India. She has done her study in the period of 2000 to 2012 and tried to
examine the equity inflow of FDI and FDI trend in India during these years with the help of regression
analysis and correlation tests. She founded with the help of correlation that flow of equity in any previous
year will determine the flow in the next year and the FDI inflow is divided into 3 major parts as per
international standards of WTO: equity, reinvestment earnings and other capital. The FDI trend analysis
result shows the upward trend of FDI inflow in India, which clearly shows that FDI is going to flourish
in the near future, thereby increasing the economic growth. Although politically controversial, FDI has
to be accepted in India, to overcome the sluggish growth. As FDI will always provide long term benefits,
the public should hold their patience to encash them, and utilise it for their profit. India should formulate
policies which will diverse the threats and channel the benefits, so that the economy may prosper
globally FDI always faces problems in form of red tape-ism, bureaucracy, lobbying, non availability of
credits, and rigid taxation policies. India has tried to assist FDI by allowing low corporate tax, tax
holidays, preferential tariffs, removing the sectoral caps, removing restrictions of customs, lowering the
depreciation rate, etc.
Nilofer Hussain (2011) in his paper highlights the vital economic determinants of FDI inflow in India and
their

significant

correlation

with the actual FDI inflo ws.

The

paper

also

examinesthesectorwisetrendinForeignDirectInvestment(FDI)inflowintoIndiaduringPost
liberalisation period and the recent trend of India as a falling destination for FDI. The time period for
the purpose of study ranges from 1991-2009 limiting to the top 10 sectors of India.
ItisstronglybelievedintheanalysisthatFDIinflowoverthedecadeshasshownaveryunsteady
andfluctuatingtrendinvarioussectorsoftheIndianeconomy.FdiinflowinIndiaisfoundtobehighly
correlated with the economic factors taken in to consideration and it is in Indias interest to continue to
boost foreign investment by liberalising rules on equity caps, investment reviews and other provisions
thathaveimpededIndiasabilitytoattractevenmoreforeigninvestmentovertherecentyears.
Rajalakshmi K. and Ramachandran F., (2011), Impact of FDI in Indias automobile sector with reference to passenger car segment in their paper studied the foreign investment flows through the automobile sector with special reference to passenger cars, which has been increasing over the years due to
liberalisation after 1991. The research methodology used for analysis includes the use of ARIMA,
coefficient, linear and compound model. The period of study is from 1991 to 2011. An empirical study
of FDI flows after post liberalisation period has been done where trend and composition of FDI flow
and the effect of FDI on economic growth has been explored. The author has also identified the prob-

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lems faced by India in FDI growth of automobile sector through suggestions of policy implications. It
also explains automobile industry growth, sales, export and import passenger car growth rates and
other inflows and outflows.
R.Renuka, M.Ganeshan and M.K.Durgamani (2013) in their paper Impact of FDI in Indian Economy
with Special reference to Retail Sector in India analysed that India had to open up the retail trade
sector to foreign investors. India is allowing only those foreign retail who first invest in back end supply
chain .Infrastructure would be slowed to set up multi brand retail outlets in the country with an idea that
firms must create jobs for rural India before they venture multi brand retail. Advantages attached to
investment in retail through FDI in India can evidently outweigh the disadvantages attached to it. In the
beginning, FDI in the retail sector may met with incessant protests but later, it turned out to be one of the
most promising political and economical decision of the government and led to commendable rise in
level of employment and development of country.
Importance of this study:
For developing countries, FDI is significant not only for employment generation but also for improving
its productivity as well. FDI brings to the recipient country not only foreign capital, but also efficient
management, superior technology and innovations in products and marketing technique, which are
generally in short supply in the developing countries. Thus, access to foreign capital helps overcome the
managerial and technological gaps in the host country. Further, foreign firms can increase competition in
domestic markets, reduce monopoly profits and improve the quality of products and services. FDI in
India comes through non-resident Indians, international companies, and other foreign investors. This
study helps us to understand the trend of FDI in last 5 years in various sectors.
Research Methodology:
This study is based on secondary data. The main source of data are various Economic Surveys of India
and Ministry of Commerce and Industry data, RBI bulletin, online data base of Indian Economy, journals, articles, newspapers, etc. It is a time series data and the relevant data have been collected for the
period 2006 to 2013.The period has been chosen for the study from 2009 because FDI inflows have
picked up from 2006.
FDI in India:
Table -1 Year Wise Fdi Inflows In India From 2006-201

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Year

Amount of FDI flows

growth In terms of US $ %

In terms of Rs. Crores Million

growth

over

previous year
(in terms of US $)

2005-06

24,584

5,540

(+)72%

2006-07

56,390

12,492

(+)125%

2007-08

98,642

24,575

(+)97%

2008-09

123,025

27,330

(+)11%

2009-10

123,120

25,834

(-)05%

2010-11

97320

21,383

(-)17%

2011-12

16,5145

35,121

(+)64%

2012-13

121,907

22.423

(-)36%

2013-14

12,623

2,321

Source: Department of Industrial Policy & Promotion Ministry of Com & Industry
Note: (i) The amount of FDI Inflows includes for Govt. route (FIPB/SIA), RBIs automatic route,
acquisition of existing shares, RBIs-NRI Schemes.
(ii) * Excludes amount of inflows received as advance pending for issue of shares.
(iii) ^ On the basis of clarification received from RBI, the amount of Stock Swap has been deleted from
FDI data from August, 2010 onwards.
The table shows the inflow of FDI in India from2006-2013 and its clear that FDI inflows have picked
up from 2006 onwards except from 2009-10 and 2012-13. Irrespective of the global meltdown the
last three years i.e. from 2007-08 to 2009-10, and rupee depreciation in 2012-13, show the stagnation
and not the decline in the inflow of FDI in India. The compound growth rate of FDI inflows during
2006-2011 in India was 26.88% in terms of rupees and 25.38% in terms of US$. The rise in the
percentage growth in India during 2005-07 is due to immense investment in the sector of services.
Although, 2008-10, the percentage decreased due to the US recession occurred. Whereas, in 200911 it went on decreasing due the immense affect of European crisis and after effects of US crisis. In

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spite, such crisis India was soon able to recover and attract foreign investors and enjoy increase in
foreign direct investment but didnt stayed longer and soon India was hit by rupee depreciation which
made investors scared and resulted into decrease in the growth of FDI. Well, it is estimated that 201314, i.e., this year investment will increase due to FDI in retail and insurance sector is hoped to do better
due to new players entering into market and having hopes with service sector as from last one decade
service sector has seen tremendous boom and has slowly becoming the backbone of Indian economy.
Although, all kind of foreign investments in any sector has been freely permitted in India except for
those which have pre-defined ceiling rates, however there are a few prohibited areas in which investments
of any kind of foreign nature are not allowed. They are: business of chit funds, Nidhi Company, lottery
business, gambling and betting, atomic energy, manufacturing of cigars, cigarettes, tobacco items,
construction of farm houses, etc.
Table1: Fdi Flow At Sectoral Level

Source: DIPP, Federal Ministry of Commerce and Industry, GOI

Table 2:

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Source: DIPP, Federal Ministry of Commerce and Industry, GOI

Even as the government is looking to increase the foreign direct investment (FDI) caps in several
sectors, its recent reforms on this front could not draw a rapid response in 2012-13. For example,
Government of India has liberalised the FDI regime in about a dozen sectors, including telecom,
power etc. and have also relaxed investment norms in multi-brand retailing. The much-touted FDI
reforms could not set the tone for higher inflows in 2012-13 as most sectors in the economy
Computer & Hardware, Automobile, power attracted lower overseas funds than a year earlier.
However, economists felt that it is too early to judge those numbers on the basis on the reforms
taken by the government in the recent times. Reforms dont mean that investment scenario will
suddenly change. It would take time to reflect as it is a gradual process. In next 3-4 years, we
could witness an increase of around five billion FDI inflows.
The sectoral analysis determines that service sector (financial and non-financial), has been the
hotspot for past years (2009-2013), by still managing to be the hot sector for FDI, in spite of the
recent downfall in the percentage 21% to 19%. The reason behind is the rupee depreciation
occurred in India, which created doubt in the minds of foreign investors and resulted in pulling
back of investment. European crisis and US crisis were the major reason for the lower investment
in service sector in India, which were previously the major investors of this sector. But to the
fortune of India in spite being lower investment from the major investors USA and European
countries , The investment from the other countries Mauritius, Singapore, Japan etc. Indias service

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sector has maintained its importance in the Indian economy. FDI in Telecom sector which faced
rough times due to cancellation of telecom services last year in 2G spectrum case and governments
harsh policies on investors such as retrospective tax laws affected percentage share decrease by
8 to 7 % from 2009-11 to 2011-2013.
Although, these sectors witnessed some decrease in their percentage share, they have maintained
their importance in the Indian economy. And overall these both sectors are major pillars of Indian
economy and will maintain their charm for FDI investors.
The Indian construction industry is an integral part of the economy and is poised for solid growth
due to industrialisation, urbanisation and economic development together with peoples expectations
of improved living standards. The construction sector employs approximately 31 million people,
accounts for some 6-8% of GDP and, after agriculture, is the largest employment sector in the
country. The boost to this sector is also because of the increased levels of investment - especially
by the Government in infrastructure and real estate projects. And today it is expected that
growth rates for the construction industry sectors exceed overall GDP growth over the next 2
years, underlying a continued strong demand of this sector.
The construction industry in general has been growing primarily due to the strength of increased
domestic and international manufacturing activities and industrial growth. Today in India, major
construction projects are expected to be at the hike by, the continued growth of the economy,
foreign direct investment and an influx of international businesses and corporations. The increasing
presence of international firms in the financial services sector is also driving forward the real estate
market in India.
The above all reasons associated explains that why the construction sector attracts FDI inflow in
India. The same growth of construction sector can be reflected in figures in table 1 and 2 showing
specially that, at the time when every sector of FDI inflow was affected and seen a downfall,
construction was one of those sectors which saw 4% growth, increased from 7% to 11%.
India, today Indian is technology advanced nation and people are techno-savvy. This can be seen
in consumer as well as industrial market and products, with consideration of the fact that India is
rich in natural resources. Synergy of natural resources abundance and latest technologies has
given a Metallurgical sector a boom in India. And the growth of Metallurgical Industries in India
has led to the development, expansion, and growth of allied industries. This gives a platform to
foreign investors to invest in this upcoming sector in India. Looking at the benefits with this sector
more and more FDIs are increasing in this sector. Further the increased FDI inflows to Metallurgical
Industries in India have led to the development, expansion, and growth of the industries. All this
has helped in improving sectoral growth of FDI in this sector from 3% - 4%.
FDI inflows in Chemicals industry in India has increased over the last few years from 2% to 5% due to
the several incentives that have been provided by the government of India. The increased FDI Inflows
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to Chemicals industry in India has helped in the growth and development of the sector. 100% FDI is
allowed in chemicals under the automatic route in India.
In 2009-11, housing and real estate was in the good books of FDI in India. FDI inflows in the real
estate sector in India have helped to develop this sector. The increased flow of foreign direct investment
in the real estate sector in India has helped in the growth, development, and expansion of the Indian
economy. The Indian Governments decision to allow 100% Foreign Direct Investment (FDI) in the
real estate industry stimulated construction activities throughout the country. This can be seen with the
presence of the housing and real estate in the top 10 FDI inflow sector in the Table 1. However, figures
for 2009-11(7%) indicate a slowdown later on, with making it out of top ten FDI sectors contributing
in Indian economy. From the table 1, it appears that India has received less FDI in 2010-11 than in the
previous year. Government policies to develop construction mainly in the infrastructure has boosted the
construction activities but the housing and real estate has not been taken care of and hence the foreign
investors have pulled their investments from this sector and diverted to other sectors such as retail,
insurance etc.
To attract foreign investment in the Petroleum & Natural Gas sector various policy initiatives have been
taken in recent years. The present Foreign Direct Investment (FDI) policy for petroleum & natural gas
sector allows 100% automatic route for exploration activities of oil and natural gas fields, infrastructure
related to marketing of petroleum products and natural gas, marketing of natural gas and petroleum
products, petroleum product pipelines, natural gas/pipelines, LNG regasification infrastructure, market
study and formulation and Petroleum refining in the private sector, subject to the existing sectoral policy
and regulatory framework in the oil marketing sector. This is primarily due to increasing water cut trend,
less base potential of major fields affected production, water and sand ingress problem in wells,
underperformance of newly drilled wells and some constraints were overcome. However, it is expected that higher production will be during 2013-14.
One of the noticeable sectors in Table 2 showing the top 10 FDI inflow sectors in India is the drugs and
pharmaceuticals sector. In the period 20022012, the countrys healthcare sector grew three times in
size. Indias pharmaceutical market experienced a boom in 2012. It is expected that the Indian pharmaceutical market will be the sixth largest in the world by 2020. The rise of pharmaceutical outsourcing
and investments by multinational companies (MNCs), allied with the countrys growing economy, committed health insurance segment and improved healthcare facilities and is expected to further drive the
markets growth. These all have increased the growth of drugs and pharmaceutical industries in India
and today make it one of the emerging markets at the global level with 6% (in 2011-13) of FDI share
of the Indian economy. Most importantly the organised nature of the Indian pharmaceutical industry is
also one of the main reasons of attracting several foreign investors that are finding it viable to increase
their operations in the country.
The countrys hotel and tourism sector has witnessed a sudden spurt in foreign direct investment (FDI)

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during 2011-1013, reflecting increased interest in the countrys hospitality industry. The biggest jump in
the FDI inflows number was witnessed in the hotel and tourism sector because of the easy entry and
exit of foreign players in India and liberal FDI norms in hotel and tourism sector and at the top the
promotion of India as well as its states as the tourist paradise, by the government. According to the data
of the Department of Industrial Policy and Promotion (DIPP), the sector has attracted FDI to the tune
of 6% of the total inflows in 2011-13. The foreign inflows in the hotel and tourism sector did not figure
in the DIPPs list of the top 10 recipients of FDI prior to 2011. This can be justified by the example set
by Dutch firm APG Pension Funds investment of $130 million in Lemon Tree Hotels and Intercontinental Hotel Group investing $30 million dollars in a joint venture with Duet in 2012-13 for opening 19
Holiday Inn Express hotels by the year 2015-16.
Conclusion:
The study of FDI in India sector wise concludes that India should welcome FDI as it has huge benefits
for the Indian economy. The Sector wise Analysis of FDI Inflow in India reveals that maximum FDI has
taken place in the service sector including the telecommunication, information technology, travel and
many others. The service sector is followed by the manufacturing sector in terms of FDI. High volumes
of FDI take place in electronics and hardware, automobiles, pharmaceuticals, cement, metallurgical
and other manufacturing industries.
FDI participation always brings prosperity for any emerging country. Various benefits which India can
entice by liberalising FDI are use of advanced technology, expertise, better infrastructural developments, widened product basket, improving standard of living, uplifting the brand quality, improving
competitiveness, better foreign relations, boosting exports, and providing India with a global platform.
The potential sectors like retail where investors are ready to invest, government had not been cooperative enough to be liberal. The government has tried to encounter all the obstructions and ease the
investment norms for foreign investors in existing sectors. The government should revise its regulations
under FEMA, to watch the barriers and protect the domestic companies and equity holders along with
the liberal attitude towards FDI.
The recent up gradations in various sectors have provided an open gateway for all grades of foreign
investors. However Indian government should liberalise agricultural, insurance and media sectors as it
will be helpful for the economy to compete globally and have a stand of its own in the global market.
India should formulate policies which will diverse the threats and channel the benefits, so that the
economy may prosper globally
FDI always faces problems in form of red-tapism, bureaucracy, lobbying, non-availability of credits,
and rigid taxation policies. Many investors even after nine months of setting reforms in FDI in
multi-brand retail are awaiting clarification from the government. The broader sense is that till the
time there is no transparency in the reform measures, the investors can still be hesitant to invest in
the country. India has tried to assist FDI by allowing low corporate tax, tax holidays, preferential
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tariffs, removing the sectoral caps, removing restrictions of customs, lowering the depreciation
rate, etc. Being politically controversial, FDI has to be accepted in India, to overstep the sluggish
growth. As FDI will always provide long term benefits, the public should hold their patience to
encash them, and utilise it for their profit.
References:
1. Ahluwalia, M. S. (2011), FDI in multi-brand retail is good, benefits farmers, [WWW] The
Times of
2. India. Available from: http://timesofindia.indiatimes.com/business/india-business/FDI-in-multibrand-retail-is-good-benefits-farmers-Montek-/articleshow/7328844.cms#ixzz1EmeD95sm
[accessed on 21/12/2012].
3. Basu Parantap & Chakraborty Chandana (2002), Foreign direct investment and growth in
India: a co integration approach. [WWW] Applied Economics. Available from:http://
www.tandfonline.com/doi/pdf/10.1080/00036840110074079
4. Babar N.S. Dr. (2012), Structure of Foreign Direct Investment in India during globalisation
period,[WWW], Indian Streams Research Journal. Available from: http://www.isrj.net/
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from:http://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=2513 [accessed on 18/12/2012].
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Investment in India: An Analytical Study published in RESEARCH INVENTY: International
Journal of Engineering and Science ISSN: 2278-4721, Vol. 1, Issue 5 (October 2012), PP
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Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.4, No.3, 2013
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h t t p : / / w w w. t h e i n t e r n a t i o n a lj o u r n a l . o r g / o j s /

index.php?journal=rjitsm&page=article&op=view&path%5B%5D=422&path%5B%5D=159
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Special reference to Retail Sector in India Global Research N analysis, volume 2, issue 1,
Jan 2013, ISSN No. 2277-8160
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FDI_Statistics/FDI_Statistics.aspx
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