A

TERM PAPER
ON
FDI AND FII IN INDIA

SUBMITTED TO: DR. SAMPADA KAPSE

SUBMITTED BY:

LEENA KANJANI (08080)

SULABH MAHETA (08084)
ANITA PARYANI (08096)
AMIN PATTANI (08100)
MEHUL RAKHOLIYA (08101)
KRISHNA VYAS (08118)

INTRODUCTION
Foreign investment refers to investments made by the residents of a country in the financial
assets and production processes of another country. The effect of foreign investment,
however, varies from country to country. It can affect the factor productivity of the recipient
country and can also affect the balance of payments. Foreign investment provides a channel
through which countries can gain access to foreign capital. It can come in two forms: FDI and
foreign institutional investment (FII). Foreign direct investment involves in direct production
activities and is also of a medium- to long-term nature. But foreign institutional investment is
a short-term investment, mostly in the financial markets. FII, given its short-term nature, can
have bidirectional causation with the returns of other domestic financial markets such as
money markets, stock markets, and foreign exchange markets. Hence, understanding the
determinants of FII is very important for any emerging economy as FII exerts a larger impact
on the domestic financial markets in the short run and a real impact in the long run. India,
being a capital scarce country, has taken many measures to attract foreign investment since
the beginning of reforms in 1991.

India is the second largest country in the world, with a population of over 1 billion people. As
a developing country, India’s economy is characterized by wage rates that are significantly
lower than those in most developed countries. These two traits combine to make India a
natural destination for FDI and foreign institutional investment (FII). Until recently, however,
India has attracted only a small share of global FDI and FII primarily due to government
restrictions on foreign involvement in the economy. But beginning in 1991 and accelerating
rapidly since 2000, India has liberalized its investment regulations and actively encouraged
new foreign investment, a sharp reversal from decades of discouraging economic integration
with the global economy.

The world is increasingly becoming interdependent. Goods and services followed by the
financial transaction are moving across the borders. In fact, the world has become a
borderless world. With the globalization of the various markets, international financial flows
have so far been in excess for the goods and services among the trading countries of the
world. Of the different types of financial inflows, the FDI and foreign institutional investment
(FII)) has played an important role in the process of development of many economies.
Further many developing countries consider FDI and FII as an important element in their
development strategy among the various forms of foreign assistance.
The FDI and FII flows are usually preferred over the other form of external finance, because
they are not debt creating, nonvolatile in nature and their returns depend upon the projects
financed by the investor. The FDI and FII would also facilitate international trade and
transfer of knowledge, skills and technology.

The FDI and FII is the process by which the resident of one country (the source country)
acquire the ownership of assets for the purpose of controlling the production, distribution and
other productive activities of a firm in another country(the host country).

According to the international monetary fund (IMF), FDI and FII is defined as “an
investment that is made to acquire a lasting interest in an enterprise operating in an economy
other than that of investor”.

The government of India (GOI) has also recognized the key role of the FDI and FII in its
process of economic development, not only as an addition to its own domestic capital but also
as an important source of technology and other global trade practices. In order to attract the
required amount of FDI and FII it has bought about a number of changes in its economic
policies and has put in its practice a liberal and more transparent FDI and FII policy with a
view to attract more FDI and FII inflows into its economy. These changes have heralded the
liberalization era of the FDI and FII policy regime into India and have brought about a
structural breakthrough in the volume of FDI and FII inflows in the economy. In this context,
this report is going to analyze the trends and patterns of FDI and FII flows into India during
the post liberalization period that is 2006 to 2009 year.

OBJECTIVES

➢ Examines the trends and patterns in the FDI across different sectors and from
different countries in India during 2000 to 2009.
 ➢ Influence of FII on movement of Indian stock exchange during period that is
September 2006 to September 2009.
➢ To understand the FII & FDI policy in India.

METHODOLOGY

In order to accomplish this project successfully we will take following steps.

Data collection:
Secondary Data: Internet, newspapers, journals and books, other reports and projects,
literatures

FDI:
The study is limited to a sample of top 10 investing countries e.g. Mauritius, Singapore, USA
etc. and top 10 sectors e.g. service sector, computer hardware and software,
telecommunications etc. which had attracted larger inflow of FDI from different countries.

FII:
• Correlation: We have used the Correlation tool to determine whether two ranges of
data move together — that is, how the Sensex, Bankex, IT, Power and Capital Goods
are related to the FII which may be positive relation, negative relation or no relation.

We will use this model for understanding the relationship between FII and stock
indices returns. FII is taken as independent variable. Stock indices are taken as
dependent variable

• Hypothesis Test: If the hypothesis holds good then we can infer that FIIs have
significant impact on the Indian capital market. This will help the investors to decide
on their investments in stocks and shares. If the hypothesis is rejected, or in other
words if the null hypothesis is accepted, then FIIs will have no significant impact on
the Indian bourses.

FDI
In this section we are going to discuss or describe the main business of the report i.e. analysis
of secondary data. It includes data in an organized form, discussion on its significance and
analyzing the results. For this we had divided this section in further two subsections i.e. the
first subsection fulfill the requirement of first objective which is pertaining to FDI. The
objective for FDI is to examine the trends and patterns in the FDI across different sectors and
from different countries in India during 2000 to 2009.
Objective 1: Examine the trends and patterns in the FDI across different sectors and
from different countries in India during 2000 to 2009.

I. About foreign direct investment.

Is the process whereby residents of one country (the source country) acquire ownership of
assets for the purpose of controlling the production, distribution, and other activities of a firm
in another country (the host country). The international monetary fund’s balance of payment
manual defines FDI as an investment that is made to acquire a lasting interest in an enterprise
operating in an economy other than that of the investor. The investors’ purpose being to have
an effective voice in the management of the enterprise’. The united nations 1999 world
investment report defines FDI as ‘an investment involving a long term relationship and
reflecting a lasting interest and control of a resident entity in one economy (foreign direct
investor or parent enterprise) in an enterprise resident in an economy other than that of the
foreign direct investor ( FDI enterprise, affiliate enterprise or foreign affiliate).

II. Foreign direct investment: Indian scenario

FDI is permitted as under the following forms of investments –
· Through financial collaborations.
· Through joint ventures and technical collaborations.
· Through capital markets via Euro issues.
· Through private placements or preferential allotments.

Forbidden Territories:

• Arms and ammunition

• Atomic Energy

• Coal and lignite

• Rail Transport
 • Mining of metals like iron, manganese, chrome, gypsum, sulfur, gold, diamonds,
copper, zinc.

Foreign Investment through GDRs (Euro Issues) –

Indian companies are allowed to raise equity capital in the international market through the
issue of Global Depository Receipt (GDRs). GDR investments are treated as FDI and are
designated in dollars and are not subject to any ceilings on investment. An applicant company
seeking Government's approval in this regard should have consistent track record for good
performance (financial or otherwise) for a minimum period of 3 years. This condition would
be relaxed for infrastructure projects such as power generation, telecommunication,
petroleum exploration and refining, ports, airports and roads.

1. Clearance from FIPB –

There is no restriction on the number of Euro-issue to be floated by a company or a group of
companies in the financial year. A company engaged in the manufacture of items covered
under Annex-III of the New Industrial Policy whose direct foreign investment after a
proposed Euro issue is likely to exceed 51% or which is implementing a project not contained
in Annex-III, would need to obtain prior FIPB clearance before seeking final approval from
Ministry of Finance.

2. Use of GDRs –
The proceeds of the GDRs can be used for financing capital goods imports, capital
expenditure including domestic purchase/installation of plant, equipment and building and
investment in software development, prepayment or scheduled repayment of earlier external
borrowings, and equity investment in JV/WOSs in India.

I. Foreign direct investments in India are approved through two

routes –
1. Automatic approval by RBI –
The Reserve Bank of India accords automatic approval within a period of two weeks (subject
to compliance of norms) to all proposals and permits foreign equity up to 24%; 50%; 51%;
74% and 100% is allowed depending on the category of industries and the sectoral caps
applicable. The lists are comprehensive and cover most industries of interest to foreign
companies. Investments in high priority industries or for trading companies primarily
engaged in exporting are given almost automatic
approval by the RBI.

2. The FIPB Route – Processing of non-automatic approval cases –

FIPB stands for Foreign Investment Promotion Board which approves all other cases where
the parameters of automatic approval are not met. Normal processing time is 4 to 6 weeks. Its
approach is liberal for all sectors and all types of proposals, and rejections are few. It is not
necessary for foreign investors to have a local partner, even when the foreign investor wishes
to hold less than the entire equity of the company. The portion of the equity not proposed to
be held by the foreign investor can be offered to the public.

iii. Analysis of sector specific policy for FDI

S.No. Sector/Activity FDI cap/Equity Entry/Route
1. Hotel & Tourism 100% Automatic
2. NBFC 49% Automatic
3. Insurance 26% Automatic
4. Telecommunication Automatic

cellular, value added services 49%

 ISPs with gateways, radio- Above 49% need
paging Govt. licence
74%
Electronic Mail & Voice Mail
100%
5. Trading companies

primarily export activities 51% Automatic

bulk imports, cash and carry

wholesale trading
100% Automatic
6. Power(other than atomic reactor
power plants)
100% Automatic
7. Drugs & Pharmaceuticals 100% Automatic
8. Roads, Highways, Ports and 100% Automatic

Harbors
9. Pollution Control and 100% Automatic

Management
10 Call Centers 100% Automatic
11. BPO 100% Automatic
12. For NRI's and OCB's

i. 34 High Priority
Industry Groups
100% Automatic
ii. Export Trading
Companies

iii. Hotels and

Tourism-related
Projects

iv. Hospitals,
Diagnostic
Centers

v. Shipping
 vi. Deep Sea Fishing

vii. Oil Exploration

viii.Power

ix. Housing and Real

Estate
Development

x. Highways,
Bridges and Ports

xi. Sick Industrial

Units

xii. Industries
Requiring
Compulsory
Licensing

xiii.Industries
Reserved for
Small Scale
Sector
13. Airports

Greenfield projects 100% Automatic

Existing projects 100% Beyond 74% FIPB

14 Assets reconstruction company 49% FIPB
15. Cigars and cigarettes 100% FIPB
16. Courier services 100% FIPB
17. Investing companies in 49% FIPB
infrastructure (other than
telecom sector)
 iii. Analysis of FDI inflow in India
From April 2000 to August 2009
(Amount US$ in Millions)
S.No Financial Year Total FDI Inflows % Growth Over
Previous Year
1. 2000-01 4,029 ----
2. 2001-02 6,130 (+) 52
3. 2002-03 5,035 (-) 18
4. 2003-04 4,322 (-) 14
5. 2004-05 6,051 (+) 40
6. 2005-06 8,961 (+) 48
7. 2006-07 22,826 (+) 146
8. 2007-08 34,362 (+) 51
9. 2008-09 35,168 (+) 02
10. 2009-10( Up to August 2009) 16,232 ----

iv. Analysis of share of top ten investing countries FDI equity in flows
From April 2000 to August 2009
(Amount in Millions)
S.No Country Amount Of FDI Inflows % As To
Total FDI
 Inflow
1. Mauritius 19,18,633.61 44.01
2. Singapore 3,80,142.56 8.72
3. U.S.A. 3,32,935.60 7.64
4. U.K. 2,40,974.98 5.53
5. Netherlands 1,78,047.76 4.08
6. Japan 1,50,129.05 3.44
7. Cyprus 1,32,448.04 3.04
8. Germany 1,12,242.06 2.57
9. France 61,686.39 1.42
10. U.A.E. 50,915.59 1.17

Mauritius
Mauritius invested Rs.19,18,633 million in India Up to the August 2009, equal to 44.01
percent of total FDI inflows. Many companies based outside of India utilize Mauritian
holding companies to take advantage of the India- Mauritius Double Taxation Avoidance
Agreement (DTAA). The DTAA allows foreign firms to bypass Indian capital gains taxes,
and may allow some India-based firms to avoid paying certain taxes through a process known
as “round tripping.”

The extent of round tripping by Indian companies through Mauritius is unknown. However,
the Indian government is concerned enough about this problem to have asked the government
of Mauritius to set up a joint monitoring mechanism to study these investment flows. The
potential loss of tax revenue is of particular concern to the Indian government. These are the
sectors which attracting more FDI from Mauritius Electrical equipment Gypsum and cement
products Telecommunications Services sector that includes both non- financial and financial
Fuels.
Singapore
Singapore continues to be the single largest investor in India amongst the Singapore with FDI
inflows into Rs. 3,80,142 crores up to August 2009.
Sector-wise distribution of FDI inflows received from Singapore the highest inflows have
been in the services sector (financial and non financial), which accounts for about 30% of
FDI inflows from Singapore. Petroleum and natural gas occupies the second place followed
by computer software and hardware, mining and construction.

U.S.A.
The United States is the third largest source of FDI in India (7.64 % of the total), valued at
732335 crore in cumulative inflows up to August 2009. According to the Indian government,
the top sectors attracting FDI from the United States to India are fuel, telecommunications,
electrical equipment, food processing, and services. According to the available M&A data,
the two top sectors attracting FDI inflows from the United States are computer systems
design and programming and manufacturing

U.K.
The United Kingdom is the fourth largest source of FDI in India (5.53 % of the total), valued
at 2,40,974 crores in cumulative inflows up to August 2009.
Over 17 UK companies under the aegis of the Nuclear Industry Association of UK have tied
up with Ficci to identify joint venture and FDI possibilities in the civil nuclear energy sector.
UK companies and policy makers the focus sectors for joint ventures, partnerships, and trade
are non-conventional energy, IT, precision engineering, medical equipment, infrastructure
equipment, and creative industries.

Netherlands
FDI from Netherlands to India has increased at a very fast pace over the last few years.
Netherlands ranks fifth among all the countries that make investments in India. The total flow
of FDI from Netherlands to India came to Rs. 1, 78,047 crores between 1991 and 2002. The
total percentage of FDI from Netherlands to India stood at 4.08% out of the total foreign
direct investment in the country up to August 2009.

Following Various industries attracting FDI from Netherlands to India are:

• Food processing industries

• Telecommunications that includes services of cellular mobile, basic telephone, and

radio paging
 • Horticulture

• Electrical equipment that includes computer software and electronics

• Service sector that includes non- financial and financial services

iii. Analysis of sectors attracting highest FDI equity inflows

From April 2000 to August 2009
(Amount in Millions)
S.No Country Amount Of FDI % As To
Inflows Total FDI
 Inflow
1. Service Sector 9,65,210.77 22.14

(Financial & Non Financial)

2. Computer Software & Hardware 4,13,419.03 9.48
3. Telecommunication 3,68,899.62 8.46
4. Housing & Real Estate 3,25,021.36 7.46
5. Construction Activities 2,65,492.96 6.09
6. Automobile Industry 1,90,172.22 4.36
7. Power 1,79,849.92 4.13
8. Metallurgical Industries 1,25,785.57 2.89
9. Petroleum & Natural Gas 1,11,957.00 2.57
10. Chemical 1,01,680.18 2.33

The sectors receiving the largest shares of total FDI inflows up to August 2009 were the
service sector and computer software and hardware sector, each accounting for 122.14 and
9.48 percent respectively. These were followed by the telecommunications, real estate,
construction and automobile sectors. The top sectors attracting FDI into India via M&A
activity were manufacturing; information; and professional, scientific, and technical services.
These sectors correspond closely with the sectors identified by the Indian government as
attracting the largest shares of FDI inflows overall.

The ASSOCHAM has revealed that FDI in Chemicals sector (other than fertilizers) registered
maximum growth of 227 per cent during April 2008 – March 2009 as compared to 11.71 per
cent during the last fiscal. The sector attracted USD 749 million FDI in FY ‘09 as compared
to USD 229 million in FY ’08,
During the year 2009 government had raised the FDI limit in telecom sector from 49 per cent
to 74 per, which has contributed to the robust growth of FDI. The telecom sector registered a
growth of 103 per cent during fiscal 2008-09 as compared to previous fiscal. The sector
attracted USD 2558 million FDI in FY ‘09 as compared to the USD 1261 million in FY ’08,
acquired 9.37 per cent share in total FDI inflow.
India automobile sector has been able to record 70 per cent growth in foreign investment. The
FDI inflow in automobile sector has increased from USD 675 million to 1,152 million in FY
’09 over FY ’08.

The other sectors which registered growth in highest FDI inflow during April – March 2009
were housing & real estate (28.55 per cent), computer software & hardware (18.94 per cent),
construction activities including road & highways (16.35 per cent) and power (1.86 per cent).

FII
Objective 2: Influence of FII on movement of Indian stock exchange during
the post liberalization period that is September 2006 to September 2009.

I. Introduction to FII
Since 1990-91, the Government of India embarked on liberalization and economic reforms
with a view of bringing about rapid and substantial economic growth and move towards
globalization of the economy. As a part of the reforms process, the Government under its
New Industrial Policy revamped its foreign investment policy recognizing the growing
importance of foreign direct investment as an instrument of technology transfer,
augmentation of foreign exchange reserves and globalization of the Indian economy.
Simultaneously, the Government, for the first time, permitted portfolio investments from
abroad by foreign institutional investors in the Indian capital market. The entry of FIIs seems
to be a follow up of the recommendation of the Narsimhan Committee Report on Financial
System. While recommending their entry, the Committee, however did not elaborate on the
objectives of the suggested policy. The committee only suggested that the capital market
should be gradually opened up to foreign portfolio investments.

From September 14, 1992 with suitable restrictions, FIIs were permitted to invest in all the
securities traded on the primary and secondary markets, including shares, debentures and
warrants issued by companies which were listed or were to be listed on the Stock Exchanges
in India. While presenting the Budget for 1992-93, the then Finance Minister Dr. Manmohan
Singh had announced a proposal to allow reputed foreign investors, such as Pension Funds
etc., to invest in Indian capital market.

II. Market design in India for foreign institutional investors

Foreign Institutional Investors means an institution established or incorporated outside India
which proposes to make investment in India in securities. A Working Group for Streamlining
of the Procedures relating to FIIs, constituted in April, 2003, inter alia, recommended
streamlining of SEBI registration procedure, and suggested that dual approval process of
SEBI and RBI be changed to a single approval process of SEBI. This recommendation was
implemented in December 2003.

Currently, entities eligible to invest under the FII route are as follows:

i) As FII: Overseas pension funds, mutual funds, investment trust, asset management
company, nominee company, bank, institutional portfolio manager, university
funds, endowments, foundations, charitable trusts, charitable societies, a trustee or
power of attorney holder incorporated or established outside India proposing to
 make proprietary investments or with no single investor holding more than 10 per
cent of the shares or units of the fund.
ii) As Sub-accounts: The sub account is generally the underlying fund on whose
behalf the FII invests. The following entities are eligible to be registered as sub-
accounts, viz. partnership firms, private company, public company, pension fund,
investment trust, and individuals.

FIIs registered with SEBI fall under the following categories:

a) Regular FIIs- those who are required to invest not less than 70 % of their investment in
equity-related instruments and 30 % in non-equity instruments.

b) 100 % debt-fund FIIs- those who are permitted to invest only in debt instruments.

The Government guidelines for FII of 1992 allowed, inter-alia, entities such as asset
management companies, nominee companies and incorporated/institutional portfolio
managers or their power of attorney holders (providing discretionary and non-discretionary
portfolio management services) to be registered as FIIs. While the guidelines did not have a
specific provision regarding clients, in the application form the details of clients on whose
behalf investments were being made were sought.

While granting registration to the FII, permission was also granted for making investments in
the names of such clients. Asset management companies/portfolio managers are basically in
the business of managing funds and investing them on behalf of their funds/clients. Hence,
the intention of the guidelines was to allow these categories of investors to invest funds in
India on behalf of their 'clients'. These 'clients' later came to be known as sub-accounts. The
broad strategy consisted of having a wide variety of clients, including individuals,
intermediated through institutional investors, who would be registered as FIIs in India. FIIs
are eligible to purchase shares and convertible debentures issued by Indian companies under
the Portfolio Investment Scheme.

iii. Prohibitions on Investments:

FIIs are not permitted to invest in equity issued by an Asset Reconstruction Company. They
are also not allowed to invest in any company which is engaged or proposes to engage in the
following activities:
1) Business of chit fund
2) Nidhi Company
3) Agricultural or plantation activities
4) Real estate business or construction of farm houses (real estate business does not include
development of townships, construction of residential/commercial premises, roads or
bridges).
5) Trading in Transferable Development Rights (TDRs).

iv. Trends of Foreign Institutional Investments in India.

Portfolio investments in India include investments in American Depository Receipts (ADRs)/

Global Depository Receipts (GDRs), Foreign Institutional Investments and investments in
offshore funds. Before 1992, only Non-Resident Indians (NRIs) and Overseas Corporate
Bodies were allowed to undertake portfolio investments in India. Thereafter, the Indian stock
markets were opened up for direct participation by FIIs. They were allowed to invest in all
the securities traded on the primary and the secondary market including the equity and other
securities/instruments of companies listed/to be listed on stock exchanges in India. It can be
observed from the table below that India is one of the preferred investment destinations for
FIIs over the years. As of March 2009, there were 1609 FIIs registered with SEBI.

SEBI Registered FIIs in India

Year End of March
1992-93 0
1993-94 3
1994-95 156
1995-96 353
1996-97 439
 1997-98 496
1998-99 450
1999-00 506
2000-01 527
2001-02 490
2002-03 502
2003-04 540
2004-05 685
2005-06 882
2006-07 996
2007-08 1279
2008-09 1609

v. FII trend in India

Year Gross Purchases Gross Sales (b) Net Investment % increase
(a-b)
(a) (Rs.crore) (Rs.crore)
(Rs.crore)

1992-93 17 4 3 -
1993-94 5593 466 5127 39338.46
1994-95 7631 2835 4796 -6.45
1995-96 9694 2752 6942 44.75
1996-97 15554 6979 8575 23.52
1997-98 18695 12737 5958 -30.52
1998-99 16115 17699 1584 126.59
1999-00 56856 46734 10122 739.02
2000-01 74051 64116 9935 -1.85
2001-02 49920 41165 8755 -11.88
2002-03 47061 44373 2688 69.30
2003-04 144858 99094 45764 1602.53
2004-05 16953 171072 45881 0.26
2005-06 346978 305512 41466 -9.62
2006-07 520508 489667 30841 -25.62
2007-08 896686 844504 52182 69.20
2008-09 548876 594608 -45732 187.64

There may be many other factors on which a stock index may depend i.e. Government
policies, budgets, bullion market, inflation, economic and political condition of the country,
FDI, Re./Dollar exchange rate etc. But for my study I have selected only one independent
variable i.e. FII and dependent variable is indices of nifty.
 vi. Co – relation with Indices

Indices Co-relation with FII

Sensex 0.80
Bankex 0.18
Power 0.33
IT 0.13
Capital Goods 0.44

From the above table we can say that FII has a positive impact on all the indices which means
that if FIIs come in India then it is goods for the Indian economy. FIIs have more co-relation
with Sensex so we can say that they are mostly invest in big and reputed companies which
are included in Sensex.

Power and Capital Goods sector have more co-relation with FII investment which shows
more interest of FIIs in those sectors.
 vii. Hypothesis Test

VAR00003 VAR00004
VAR00003 Pearson Correlation 1 .801**
Sig. (2-tailed) .000
N 35 35
VAR00004 Pearson Correlation .801** 1
Sig. (2-tailed) .000
N 35 36
**. Correlation is significant at the 0.01 level (2-tailed).

Here the correlation 0.8 which shows that both have positive relation if FII increase then
Sensex will also increase. But if we compare the significance with the degree of freedom then
null hypothesis is accepted because (0.00<0.01) so it shows that FIIs will have no significant
impact on the Sensex.
 CONCLUSION

Objective 1:

A large number of changes that were introduced in the country’s regulatory economic
policies heralded the liberalization era of the FDI policy regime in India and brought about a
structural breakthrough in the volume of the FDI inflows into the economy maintained a
fluctuating and unsteady trend during the study period. It might be of interest to note that
more than 50% of the total FDI inflows received by India during the period from 2000 - 2009
came from Mauritius, Singapore and the USA. The main reason for higher levels of
investment from Mauritius was that the fact that India entered into a double taxation
avoidance agreement (DTAA) with Mauritius were protected from taxation in India. Among
the different sectors, the service sector had received the larger proportion followed by
computer software and hardware sector and telecommunication sector.

Objective 2:

According to findings and results, we have concluded that FII did have significant impact on
Sensex but there is less co-relation with Bankex and IT.

One of the reasons for high degree of any linear relation can also be due to the sample data.
The data was taken on monthly basis. The data on daily basis can give more positive results
(may be). Also FII is not the only factor affecting the stock indices. There are other major
factors that influence the bourses in the stock market.
Bibliography
Sites
http://dipp.nic.in
www.bseindia.com
www.financeexpress.com
www.tradechakra.com
www.madaan.com
www.indianembassy.com
www.sebi.gov.in