The government on Tuesday allowed foreign investors to invest up to 13 billion US dollars in equity and debt schemes of mutual funds in India. A finance ministry statement said the move will allow qualified foreign investors to have direct access to the Indian mutual funds. It will help increase depth and reduce volatility in the market, it said.The announcement incorporates the suggestion made by captains of India industries during meeting with Finance Minister Pranab Mukherjee on August 1 to allow investment from foreign investors to invest upto 3 billion dollar in debt schemes in the infrastructure sector, the statement said. According to the scheme, the foreign investors buy units of equity or debt funds in the primary market, but cannot trade in the secondary market.