India attracted over $500 billion in foreign direct investment (FDI) equity inflows between 2014 and 2024, more than double the $208 billion received in the previous decade, said Sanjay Nayar, President of Assocham.
He highlighted that $300 billion of this came in just the last five years (2019–2024), signalling a sharp upward trend.
The manufacturing sector and digital infrastructure have emerged as key beneficiaries.
Since 2014, FDI in computer software and hardware reached $95 billion, while services, including finance, IT, R&D, and consultancy, drew $77 billion.
Smartphone manufacturing saw a dramatic turnaround. In 2014, India imported nearly 80% of its smartphones.
Now, thanks to the PLI scheme, companies like Apple (via Foxconn and Wistron) assemble iPhones in India, and smartphone exports have soared to $21 billion.
Foreign investors are increasingly aligning with India’s green growth goals. Investment in sectors like renewable energy and electric mobility has strengthened India’s role in the global clean-tech value chain, according to Nayar.
According to the Ministry of Commerce and Industry, FDI inflows reached $81.04 billion in FY 2024–25, up 14% from $71.28 billion the previous year.
Since FY 2013–14, when FDI stood at $36.05 billion, India has seen a consistent rise in annual inflows, supported by policies that allow 100% FDI in most sectors via the automatic route.
In FY 2024–25, the services sector emerged as the top FDI recipient, attracting 19% of total inflows.
It was followed by computer software and hardware (16%) and trading (8%).
FDI into services rose by 40.77% to $9.35 billion, compared to $6.64 billion the previous year.
FDI into manufacturing rose by 18% in FY 2024–25, reaching $19.04 billion from $16.12 billion in FY 2023–24, reaffirming India’s growing appeal as a manufacturing hub.
Maharashtra accounted for 39% of FDI equity inflows in FY 2024–25, followed by Karnataka (13%) and Delhi (12%).
Among source countries, Singapore led with a 30% share, trailed by Mauritius (17%) and the United States (11%).
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