India has replaced China as top destination for foreign direct
investment by attracting $63 billion worth FDI projects in 2015,
says a report.India has knocked China off the pedestal of being the
world’s top foreign direct investment (FDI) destination, say s a
report from fDi Intelligence — a division of Financial Times.
Citing the report, the Financial Times reported that India, with $63
billion of FDI announced in 2015, has taken the top rank in the list
of countries in terms of greenfield capital investment.
Additionally, according to the report, India’s project numbers
increased by 8% to 697, although they still lagged behind China’s
“India replaced China as the top destination for FDI by capital
investment following a year of high-value project announcements
specifically across the coal, oil and natural gas and renewable
energy sectors,” the report said.
The report comes even as the Indian government finally allowed 100%
FDI in the e-commerce sector.
The Reserve Bank of India’s (RBI’s) statement from earlier this month
supports the report’s findings.
The RBI, on April 11, said that FDI in the country increased to $42
billion during April-February in 2015-16, up 27.45% from the inflows
in the corresponding period of the previous financial year.
According to the report, in a comparison between Indian and Chinese
states, Gujarat emerged as the top ranked state in terms of FDI —
attracting $12.4 billion of capital investment in 2015.
A comparative table, titled “FDI into Chinese and Indian states by
capital investment”, from the report shows that Gujarat took the top
spot ahead of China’s Shanghai Municipality — which attracted $10.57
billion in FDI in 2015.
China’s Jiangsu came in third on the list with $9.53 billion,
followed closely by Maharashtra at $8.28 billion.
Andhra Pradesh, Karnataka and Jharkhand were the other Indian states
featured on the list.