A test module

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In the first decade of reforms from 1991 to 2000, India’s share in the world FDI inflow improved from 0.05% in 1992 to 2.2% in 1997 (Nagaraj, 2003). Since 2000, the majority of FDI inflow occurred in the service sector including information technology (IT) and telecommunications. Furthermore, automobile, pharmaceutical, chemical (other than fertilizers), power and construction industries were some of the manufacturing industries that attracted FDI after the service sector.

In the first decade of reforms from 1991 to 2000, India’s share in the world FDI inflow improved from 0.05% in 1992 to 2.2% in 1997 (Nagaraj, 2003). Since 2000, the majority of FDI inflow occurred in the service sector including information technology (IT) and telecommunications. Furthermore, automobile, pharmaceutical, chemical (other than fertilizers), power and construction industries were some of the manufacturing industries that attracted FDI after the service sector.

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The Indian economy is currently one of the biggest recipients of FDI, but it has not always been so. After India gained independence in 1947, the Government started formulating National Five-Year Plans to strategize its growth path. Although the trade policies of the Government consisted of measures undertaken for export promotion, the infant industry argument and import substitution policies protected the domestic industries against foreign competition. Trade was restrictive because of a combination of licenses, quotas, and permits. The role of the private sector in the economy was limited and the economic conditions were not conducive for foreign investment.