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India Received Maximum FDI from Singapore Followed By Mauritius in FY24: GoI data

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India receives highest FDI from Singapore in 2023-24According to the latest data released by Department for Promotion of Industry, and Internal Trade (DPIIT),Ministry of Commerce and Industry the Government of India (GoI), India received the highest Foreign Direct Investment (FDI) from Singapore in FY24 (2023-24) despite FDI equity inflows into the country decreased by about 3.5%  in FY24, from USD 46.03 billion (FY23) to USD 44.42 billion(FY24) due to global economic uncertainties.

  • Though Singapore emerged as the biggest investor in India but, FDI from Singapore decreased by around 32%  to USD 11.77 billion in FY24.
  • While, Mauritius emerged as the 2nd biggest investor in India, with investment of USD 7.97 billion in FY24, followed by the United States of America (U.S.A.)(USD 4.99 billion), the Netherlands (USD 4.93 billion), Japan (USD 3.17 billion), the United Arab Emirates (UAE) (USD 2.9 billion), Germany (USD 505 million), and Cayman Islands (USD 342 million).


i.Singapore has been the largest source of FDI for India since 2018-19.

ii.India received the highest ever FDI inflows of USD 84.83 billion in FY22 (2021-22).

Key Points:

i.The total FDI saw a negligible decrease of 1%, from USD 71.35 billion (in FY23) to USD 70.95 during FY24.

ii.FDI equity inflows decreased from major countries in FY24 and which are: Mauritius, Singapore, the United States of America (U.S.A.), the U.K., U.A.E., Cayman Islands, Germany and Cyprus.

  • In contrast to it, Countries like: Japan and The Netherlands saw an increase their investment in India during FY24.

iii.FDI decreased mainly in sectors like: services, computer hardware and software, telecommunication, automobile, pharma and chemicals.

  • However, some sectors like: construction activities, development and power showed a positive growth in FDI inflows during the FY24.

iv.FDI from Mauritius dropped from USD 6.13 billion (in FY23) to USD 7.97 billion(FY24).

  • Whereas, The U.S. which is the 3rd largest investor in India in FY24, also saw a decline from USD 6 billion (2023) to USD 4.99 billion.

v.As per the data, from April 2000 to March 2024, Mauritius accounted for 25% of the total FDI which India has received, with total investment of USD 171.84 billion, followed by Singapore and the U.S. which accounted for 24% and 10% of total FDI with investments of USD 159.9 billion and USD 65.19 billion during the period respectively.

Key Factors which promoted Singapore as the largest source of FDI in India:

i.Initiatives led by GoI such as: amendments by the Security Exchange Board of India (SEBI) to the Real Estate Investments Trusts (REITs) Regulations 2014.

ii.The Double Tax Avoidance Agreement (DTAA) between India and Singapore has provided many benefits such as: capital gains exemption in India for investments made from Singapore.

iii.India amended its tax treaty with Mauritius in 2016 to introduce a source-based taxation regime for capital gains, which eliminated the tax advantage and reduced attractiveness of Mauritius as largest source of FDI  in India.

About Republic of Singapore:
Capital: Singapore
Prime Minister: Lawrence Wong
Currency: Singapore Dollar (SGD)