Despite the global economic downturn, India has managed to garner foreign direct investment (FDI) worth US$ 2.7 billion in January 2009, up 58.8 per cent from January 2008, thereby remaining a favourite destination for overseas investments. The FDI inflows for the April-January 2009 period aggregated to US$ 23.8 billion, against US$ 14.5 billion in the year-ago period. "January numbers are very good...it is an indication of the confidence that the rest of the world has in India," says Ajay Shankar, Secretary in the Department of Industrial Policy and Promotion. Till September 2008-09, the monthly inflows were in excess of US$ 2 billion. The inflows by way of overseas investments declined in the next three months due to global crises. The January figures indicate that India continues to be eyed as a favourite by cross-border investors.The government has approved 26 foreign direct investment proposals that will bring in Rs 10 billion into the country. NEO Sports Broadcasting's plan to invest Rs 2.6 billion rupees is among the proposals approved on the recommendation of Foreign Investment Promotion Board (FIPB). A proposal from NSK Holdings to pump in Rs 2.15 billion to make downstream investment has been cleared, while Samvardhana Motherson Finance's plan to invest Rs 2 billion to increase equity participation also got approval.