UAE emerges as fourth largest investor in India in FY-23
The Hindu
Foreign Direct Investment (FDI) from the UAE to India jumped over three-fold to $3.35 billion from $1.03 billion in 2021-22
The United Arab Emirates (UAE), with which India implemented a Comprehensive Economic Partnership Agreement (CEPA) in May last year, has emerged as the fourth largest investor in India during 2022-23, according to government data.
In the last fiscal, Foreign Direct Investment (FDI) from the UAE to India jumped over three-fold to $3.35 billion from $1.03 billion in 2021-22, the data of the Department for Promotion of Industry and Internal Trade (DPIIT) showed. The UAE was the fourth largest investor in India in 2022-23 compared to the seventh in 2021-22.
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Singapore was the largest investor in India with $17.2 billion investment in FY23, followed by Mauritius with $6.1 billion and the U.S. with $6 billion).
"The rapidly strengthening of bilateral ties and investment cooperation between India and UAE can be chiefly attributed to the strong bilateral relations between India and UAE, growth in investment commitments from UAE, and the policy reforms to further ease of doing businesses between the two countries," Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas & Co, said.
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UAE's investments in India are mainly in sectors like services, sea transport, power and construction activities.
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