New Delhi: India's foreign direct investment (FDI) inflows registered an impressive growth of 87 per cent at $ 501 million (net of ADRs/GDRs) in May against $ 268 million in the same period last year.

As per latest data compiled by the Industry Ministry, FDI inflows continue to post impressive growth in the current calendar year with cumulative FDI inflows during January-May registering a growth of 60 per cent at $ 1.89 billion as compared to $ 1.18 billion in the corresponding period a year earlier.

The impressive growth in FDI has been achieved at a time when there has been a steep decline in the global FDI flows.

The government in May 2002, approved 254 foreign collaboration proposals amounting to $ 471.2 million which in Rupee terms amounted to Rs 2,261.54 crore.

A sector-wise break-up reveals that telecommunications attracted the highest FDI approvals in the month of May at $ 195.6 million cornering 41.51 per cent share of the total FDI approval in the month.

Service sector including both financial and non-financial services attracted $ 114.1 million accounting for a share of 24.22 per cent while fuels attracted the third highest FDI approvals with 47.8 million dollars accounting for a share of 10.14 per cent.

Himachal Pradesh with $ 168.8 million accounting for a share of 35.83 per cent received the highest number of FDI approvals during May. Delhi, Maharashtra, Gujarat and Goa were the other states in the top five.

PTI