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India drops to 15th place in FDI rankings, as investment inflows drop by 43%: UNCTAD report
Photo Courtesy: Pixabay

India drops to 15th place in FDI rankings, as investment inflows drop by 43%: UNCTAD report

| @indiablooms | 20 Jun 2024, 11:41 pm

New Delhi: India dropped seven places to 15th in the 2023 World Investment Ranking as foreign direct investment (FDI) inflows decreased by 43% to $28 billion, according to a report by the United Nations Conference on Trade and Development (UNCTAD) released on June 20.

Last year, India held the eighth position, receiving $48 billion in FDI inflows.

While India's rank fell, Brazil, Canada, Germany, and Mexico improved their positions in the global index, with Brazil rising to become the fifth largest FDI destination.

The top rankings remained unchanged, with the US attracting the highest FDI at $311 billion, followed by China, Singapore, and Hong Kong, China.

In 2023, India ranked second in international project deals, securing 163 deals, with only the US surpassing it with 334 deals.

For greenfield projects, India was ranked fourth with 1,058 projects, following the US, the UAE, and the UK.

India also improved in terms of FDI outflows, moving up to 20th place in 2023 from 23rd the previous year. The outflow amount increased to $15 billion from $13 billion the previous year.

Despite the decline in global rankings by value, India remained a top destination for greenfield project announcements and international project deals.

In 2023, seven economies—Argentina, Brazil, China, India, Mexico, Türkiye, and the UAE—along with ASEAN member states, introduced national strategies or frameworks on sustainable finance, according to the report.

“Bangladesh, China, India, Singapore and Thailand released policies to support the banking industry in integrating sustainable development considerations into operations, covering sustainable deposits, sustainable loans and green credits,” the report noted.

Data from the Department for Promotion of Industry and Internal Trade showed that India's FDI equity inflows fell by 3.5% between FY23 and FY24.

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