PIO remittance to touch $40 b this fiscal
• NEW DELHI: It's not just the foreign investors who are pumping in billions of dollars into India. Persons of India origin living abroad too are chipping in wholeheartedly. The total PIO remittance is expected to cross $40 billion in the current fiscal ending March, according to research and analytics firm Evalueserve. This would represent a four-fold surge from just about $10 billion in the fiscal year 1997-98. The figure stood at about $27 billion in fiscal year 2006-07. Compared to this, the increase in foreign direct investment (FDI) into the country during the period has been just about $5 billion — from $3.4 billion in 1997-98 to $8.4 billion in the last fiscal.