New Delhi: India has outshone China and the United States to become world’s number one destination for Foreign Direct Investment (FDI) in 2015, according to a news published on a leading newspaper.
India managed $31 billion in foreign capital inflows, followed by China ($28 billion) and the US ($27), claimed the report.
“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,” said the report.
India has managed to attain the pole position with a steep rise from last year’s fifth position. Finance Minister Arun Jaitley, post coming across the report, immediately liked the capital flow to the policies driven by the Modi government in the country.
“Satisfying, our efforts are paying off. India becomes the Highest FDI destination for Greenfield projects,” tweeted Arun Jaitley.
However, the 15-month-old Narendra Modi government has been making attempts to attract foreign companies to invest in India at large, which is eventually paying off making India the most attractive investment destination.
PM Modi has also been travelling across countries and has been meeting their top businessmen to invite them in India with a warm heart. The one-year-old ‘Make in India’ initiative that was aimed at turning the country into a global manufacturing hub has been publicized widely.
The government has eased up FDI norms in many sectors, including multi-brand retail, telecom and defence. Swifter approvals for businesses have been put in place and Jaitley has repeatedly promised “fair and predictable” tax regime.
India is marching significantly ahead of where it was at this time last year as 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.
“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 percent,” the newspaper report said.