New Delhi, May 18 (PTI): India has received a record $3.75 billion (Rs 17,266.52 crore) foreign direct investment (FDI) in the calendar year 2004. In an FDI confidence survey in the same year by the global consultancy firm A T Kearney, India ranked the third most attractive investment destination in the world.

Interestingly, Mauritius took the lead in investment in India with a share of 31.23 per cent of the total during the year, followed by the US with a 20.15 per cent share.

Among the sectors that attracted most of the investment were electrical equipment, pharma and consultancy services. Electrical sector cornered over one-fourth of the total FDI during the year while drugs and pharamaceuticals accounted for 10.63 per cent and consultancy, 8.03 per cent.

The FDI figure, however, does not contain re-invested earnings and other components. This part would get reflected in the total FDI inflows figure for the 2004-05 fiscal.

In the annual report for the year 2004-05, the department of industrial policy and promotion had attributed the upsurge in foreign direct investment to the government's liberal, transparent and investor-friendly policy.

The government had allowed 100 per cent FDI under automatic route in most sectors under which a foreign firm does not require any approval but only needs to inform the Reserve Bank within 30 days of inward remittance and issue of shares.

The release had also mentioned a series of initiatives undertaken to promote investments like reviewing Press Note 18, hiking FDI cap in domestic airlines to 49 per cent from 40 per cent, including allowing NRI investment up to 100 per cent with no equity participation by foreign airlines.