new delhi with the government taking steps to improve ease of doing business and attracting investments fdi inflows into the services sector grew by over 46 per cent to 325 billion in 201415 the services sector which includes banking insurance outsourcing rd courier and technology testing had received foreign direct investment fdi worth 222 billion in 201314 however the total foreign inflow in 201415 in the services sector was low as compared to 201213 when it was 483 billion according to the department of industrial policy and promotion dipp data the government has announced a series of steps such as fixing timeliness for approvals to improve the ease of doing business in the country and attracting domestic as well as foreign investments in step with the growth in fdi in important sectors like services overall foreign inflows in the country too rose by 27 per cent to 3093 billion during the previous fiscal the amount was 2429 billion in 201314 services contribute about 60 per cent to india s gdp and it receives high foreign inflows in this sector the other sectors where inflows have recorded growth telecommunications 289 billion automobiles 257 billion and computer software and hardware 220 billion to attract investment in the services sector the government has raised the fdi cap in insurance sector to 49 per cent from 26 per cent the policy was also relaxed in other sectors such as defence railways and medical devices foreign investments are considered crucial for india which needs around 1 trillion in the next five years to overhaul its infrastructure sector such as ports airports and highways to boost growth growth in foreign investments helps improve the countrys balance of payments bop situation and strengthen the rupee