India’s foreign direct investment is likely to cross $60 billion this year on favourable policy environment even as the FDI flows globally are set to witness a decline, says a UN economist.
“India witnessed a rise of about 28 per cent in FDI to $44.20 billion in 2015. We expect FDI to cross $60 billion in 2016,” said Nagesh Kumar, Economist & Head, UNESCAP’s South and South-West Asia Office, at the release of an UNCTAD report. In India, the report said, the large increase of announced greenfield investments in manufacturing industries may provide further impetus to FDI this year. New liberalisation steps by the government contributed to attracting FDI in all quarters last year, which made India the fourth largest recipient in developing Asia and the 10th in the world, it said.