India Beats China as the Top Destination for FDI in 2015
Attracting foreign direct investments of over $63 billion in 2015, India has replaced China as a top destination for FDI projects. Prime Minister Narendra Modi’s Make-in-India campaign seems to be one of the major factors behind this.
Also, there was an 8% increase in project numbers to 697, according to fDi Intelligence, a division of The Financial Times.
Major companies such as Foxconn and SunEdison have agreed to invest in projects valued at $5 billion and $4 billion, respectively, in India in 2015, according to the report.
India replaced China “following a year of high-value project announcements specifically across the coal, oil and natural gas and renewable energy sectors”, the report said.
“In 2015, India was for the first time the leading country in the world for FDI, overtaking the US (which had $59.6 billion of greenfield FDI) and China ($56.6 billion),” the report noted.
Acknowledging this in a tweet, minister of state for finance Jayant Sinha said: “India emerges on top in attracting FDI”.
Of the top 10 destination states for FDI in 2015, India claims five places, with the top place going to Gujarat, which attracted $12.4 billion. Maharashtra has been one of the strongest performers across the years attracting $8.3 billion in 2015.