Foreign investment approvals fall to Rs 16.23 billion in first quarter

Foreign direct investment commitments approved in the first three months of the current fiscal year have come in at less than half of what they were in the same period last year.

According to the Department of Industry, approvals from Shrawan to Asoj totalled around Rs 16.23 billion, compared with nearly Rs 35.13 billion in the same period of the previous fiscal year. This marks a decline of roughly Rs 18.90 billion.

Department data show 422 industries were registered during this period, of which 410 came through the automatic route and 12 through the approval process. In Asoj alone, 94 industries were registered with approvals worth about Rs 5.10 billion, of which 88 came through the automatic route.

Of the total industries registered, 417 were small, two medium and three large. By number, 252 of this year's registered industries were in information technology. By value, the department said the tourism sector received approvals worth about Rs 6.08 billion.