<P> Indian pharmaceutical market is 3rd largest in terms of volume and 13th largest in terms of value . Indian pharma industry is expected to grow at 20% compound annual growth rate from 2015 to 2020 . 100% FDI is permitted in this sector . </P> <P> FDI in service sector was increased by 46% in 2014--15.It is US $1.88 Bl in 2017 . Service sector includes banking, insurance, outsourcing, research & development, courier and technology testing . FDI limit in insurance sector was raised from 26% to 49% in 2014 . </P> <P> 100% FDI is allowed under automatic route in most of areas of railway, other than the operations, like High speed train, railway electrification, passenger terminal, mass rapid transport systems etc . Mumbai - Ahemdabad high speed corridor project is single largest railway project in India, other being CSTM - Panvel suburban corridor . Foreign investment more than ₹ 90,000 crore (US $14 billion) is expected in these projects . </P> <P> Chemical industry of India earned revenue of $155--160 billion in 2013 . 100% FDI is allowed in Chemical sector under automatic route . Except Hydrocynic acid, Phosgene, Isocynates and their derivatives, production of all other chemicals is de-licensed in India . India's share in global specialty chemical industry is expected to rise from 2.8% in 2013 to 6--7% in 2023 . </P>

Explain the role of foreign investment in industrial development of india