New Delhi, Jul 29 :  Foreign direct investment (FDI) into the country grew by 7 per cent to USD 10.55 billion during the first quarter of the year. Foreign investment inflows were at USD 9.88 billion in January-March 2015, according to the data of the Department of Industrial Policy and Promotion (DIPP). Also Read - Over 1,600 Indian Firms Got $1 Billion in FDI From China During April 2016 to March 2020: Govt Data

The sectors, which attracted maximum FDI during the period, included computer hardware and software, services, telecommunications, power, pharmaceuticals and trading business. In terms of countries, India received maximum overseas inflows from the US, Singapore, Mauritius, Japan and the Netherlands. An official said with the government further liberalising foreign investment policies for services sector in the Budget, more inflows would come. (ALSO READ: Higher FDI limit in brownfield pharma to attract latest tech ) Also Read - Single Window Clearance System For Industry Soon: Goyal

The government has recently relaxed FDI norms in about eight sectors including defence, civil aviation, food processing, pharmaceuticals and private security agencies. Foreign investment is considered crucial for India, which needs around USD 1 trillion for overhauling infrastructure sector such as ports, airports and highways to boost growth. A strong inflow of foreign investments will help improve the country’s balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar. Also Read - FDI Inflows Rise 18% to $73 bn in FY20, Says Union Minister Piyush Goyal