From correspondents in Delhi, India, 06:05 PM IST

India will likely attract foreign direct investments (FDI) worth $18 billion in the current fiscal, down from $27.32 billion it received in 2008-09, Commerce and Industry Minister Anand Sharma said Friday.

Foreign investment flow into the country jumped 11 percent last year over that in the previous fiscal.

However, the financial crisis that gripped the global economy in the second half of last fiscal has hit the investment flow worldwide.

The Indian economy, which also took a huge hit in the wake of the global crisis, is now picking up growth momentum, restoring confidence in investors, Sharma told reporters.

The country's gross domestic product (GDP) expanded 7.9 percent in the second quarter this fiscal, up from 6.1 percent in the first quarter.

(Staff Writer, © IANS)