As per data from the Department of Industrial Policy and Promotion (DIPP), Singapore has replaced Mauritius as the top source of foreign direct investment (FDI) into India during the first half of the current fiscal.
FDI in India from April-September 2015
- Singapore – Rs 43,096 crore
- Mauritius – Rs 23,490 crore
Sectors attracted highest foreign investment during April-September 2015
- Computer software and hardware – $3.05 billion
- Trading – $2.30 billion
- Services and automobile – $1.46 billion each
- Telecommunications – $659 million
Reason behind increase in FDI from Singapore
Foreign investment from Singapore has more than doubled from $2.41 billion as compared to last year.
- The Double Taxation Avoidance Agreement (DTAA) with Singapore incorporates Limit-of-Benefit (LoB) clause, which has provided comfort to foreign investors based there to invest in India.
- Overall, Singapore accounts for 15% of the total FDI India received during April 2000 and September 2015. Mauritius makes up 34% of FDI during the same period.
India needs about $1 trillion foreign investment by March 2017 to overhaul infrastructure such as ports, airports and highways and boost growth.
Mauritius Capital – Port Louis
Mauritius Currency – Mauritian rupee
Singapore Currency – Singapore dollar
Mauritius President – Ameenah Gurib
Singapore President – Tony Tan
Mauritius PM – Anerood Jugnauth
Singapore PM – Lee Hsien Loong