India emerges top FDI destination, surpasses US, China; Jaitley says government efforts paying off

New Delhi(PTI): With USD 31 billion of foreign capital inflows, India has surpassed China and the US to take the pole position in attracting largest FDI in the first half of 2015, a report said on Tuesday.

Jaitley says government efforts paying off

The Finance Ministry forwarded a report published in Financial Times, London, that said “India grabs investment league pole position.”

The report said India has attracted US $31 billion of FDI in H1 2015, ahead of US $28 billion of China and US $27 billion of US.

“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 USD 3 billion more than China and US $4 billion more than the US,” the FT report said.

India is tracking well ahead of where it was at this time last year: it has more than doubled its midyear investment levels, attracting USD 30 billion by the end of June 2015 compared with USD 12 billion in the first half of last year.

The report said that in 2014 India ranked fifth in terms of capital investment, after China, the US, the UK and Mexico.

“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%,” it said.

Government’s efforts are paying off as India has become the highest FDI destination for greenfield projects, Finance Minister Arun Jaitley said.

“Satisfying, our efforts are paying off. India becomes the highest FDI destination for greenfield projects,” Jaitley tweeted.