India will remain a favoured FDI destination despite crunch: Report

Agencies , ENS Economic Bureau Tags : investment, india
Posted: Thursday , Sep 25, 2008 at 0053 hrs IST NEW DELHI, SEPTEMBER 24:

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The current global financial crisis and the liquidity crunch could push down global foreign direct investment (FDI) flows by about 10 per cent, but the developing world, including India, would still remain a favoured FDI destination as opposed to the more advanced economies, according to the World Investment Report 2008 released by United Nations Conference on Trade and Development (UNCTAD). In fact, India emerged as one of the most favoured FDI destinations second only to China.

“China is the most preferred investment location, followed by India and the United States,” said the report. It went on to add that the two countries would be the top two preferred destinations not only for the current year but for the next three years (2008-2010) as well. FDI inflow is bolstered by large scale investment by transnational corporations like Oracle, Holcim and Matsushita, it said.

India registered 17 per cent increase in FDI inflows last year on the back of robust economic growth, improved investment environment and further opening up of telecommunication and other sectors, said the report. India witnessed a total FDI inflow of $23 billion in 2007. In the medium term, the UNCTAD report said, global FDI outlook is not impressive and the flows may be affected by continued slow growth and difficult market conditions in developed countries.

The report also addressed the urgency to increase investment in infrastructure sectors for a growth rate of 9 per cent over the Eleventh Plan period.

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