India replaces China as top FDI destination
NEW DELHI: India has replaced China as the top Foreign Direct Investment (FDI) destination. According to FDI Intelligence, a division of international media company – The Financial Times Limited, India was the highest-ranked country by capital investment last year, with 63 billion dollars-worth of FDI projects announced.
The report said, the Make in India campaign and the resultant boost in FDI has resulted in a whopping increase in job creation from nearly 1 lakh in 2013 to over 2 lakh jobs in 2015.
In a tweet, Union Minister of State for Finance Jayant Sinha attributed this to the transparent policies and proactive reform measures taken by the Narendra Modi government.
India also claims five places of the top 10 destination states for FDI in 2015. The top place went to Gujarat, which attracted 12.4 billion dollars. The report places US at second spot with 59.6 billion dollars of greenfield FDI and China is at third with 56.6 billion dollars of FDI coming in.