The Foreign Investment Promotion Board (FIPB) has approved seven foreign direct investment (FDI) proposals worth Rs 5,240 crore.
The clearances were given based on recommendations of FIPB meeting held on November 9, 2015.
FDI approval to India Advantage Fund S4 I, an alternate investment fund, will bring in Rs 2,950 crore of foreign capital.
Paragon Partners Growth Fund will bring in foreign money to the tune of Rs 985 crore, L&T Finance Holdings Rs 707 crore, and Extramarks Education India Rs 403.15 crore.
Strugence Debt Fund will fetch foreign capital worth Rs 99 crore, Agio Image Limited Rs 75 crore, and Menterra Venture Advisors Private Limited Rs 21.2 crore.
However, the FIPB deferred four FDI proposals including that of trade advisory NBFC firm Sharekhan Limited.
A total of five FDI proposals were rejected by the board while one proposal was not brought before it.
Foreign Direct Investment (FDI) in India is the major monetary source for economic development in India. Foreign companies invest in India to take benefits of cheaper wages and changing business environment of India.
According to the Financial Times, in 2015 India overtook China and the USA as the top destination for the Foreign Direct Investment. In first half of the 2015, India attracted investment of $31 billion compared to $28 billion and $27 billion of China and the US respectively.