• FDI during April-February jumps to $37.53 billion: Nirmala Sitharaman

    Foreign direct investment (FDI) in India increased to USD 37.53 billion during April-February period of the last fiscal, Parliament was informed today.

    It was USD 30.93 billion in 2014-15.

    “FDI equity inflow has increased from USD 22.42 billion in 2012-13 to USD 37.53 billion in 2015-16 (up to February),” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

    Services attracted the most (USD 5.95 billion) during the first eleven months period of 2015-16. It was followed by computer software and hardware (USD 5.83 billion), trading (USD 3.67 billion) and automobile (USD 2.44 billion).

    Replying to a separate query, she said during the past three years, two applications for compulsory licensing (CL) under section 92 of the Patent Act 1970 have been received by the Department of Industrial Policy and Promotion (DIPP).

    Under the Indian Patents Act, a CL can be issued for a drug if the medicine is deemed unfordable by the government and grants permission to qualified generic drug makers to manufacture it.

    In March 2012, Hyderabad-based Natco Pharma was allowed to manufacture and sell cancer-treatment drug Nexavar at a price over 30 times lower than charged by patent-holder Bayer Corp., under CL.

    As per the World Trade Organization (WTO) agreement, a CL can be invoked by a national government allowing a company to produce a patented product without the consent of the patent owner in public interest.

    The US had raised concerns over issuance of the licence by India. New Delhi had so far issued only one such licence. Tyler Ennis Womens Jersey

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