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PM Modi's foreign trips pay off? India trumps China, US to become top FDI destination

New Delhi: With $31 billion of foreign capital inflows, India has surpassed China and the US to take the pole position in attracting largest FDI in the first half of 2015, a report said on
India TV News Desk September 30, 2015 8:05 IST
India TV News Desk

New Delhi: With $31 billion of foreign capital inflows, India has surpassed China and the US to take the pole position in attracting largest FDI in the first half of 2015, a report said on Tuesday.

The Finance Ministry on Tuesday forwarded a report published in Financial Times, London, that said "India grabs investment league pole position."

The report said India has attracted $31 billion of FDI in H1 2015, ahead of $28 billion of China and $27 billion of US.

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The report followed Prime Minister Narendra Modi's trip to United States and his meetings with top global CEOs.

On the same day, India's Foreign Investment Promotion Board, the nodal authority that scrutinises overseas investment proposals, cleared 18 proposals worth about Rs 5,000 crore.

"A ranking of the top destinations for greenfield investment (measured by estimated capital expenditure) in the first half of 2015 shows India at number one, having attracted roughly $3 billion more than China and $4 billion more than the US," the FT report said.

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Separately, India also jumped 16 notches to 55 among 140 countries in the World Economic Forum's Global Competitiveness Index that ranks countries on the basis of parameters such as institutions, macroeconomic environment, education, market size and infrastructure among others.

India is tracking well ahead of where it was at this time last year: it has more than doubled its midyear investment levels, attracting $30 billion by the end of June 2015 compared with $12 billion in the first half of last year.

The report said that in 2014 India ranked fifth in terms of capital investment, after China, the US, the UK and Mexico.

"In a year when many major FDI destinations posted declines, India experienced one of 2014's best FDI growth rates, increasing its number of projects by 47 per cent," it said.