India receives highest FDI from Singapore in 2023-24; Mauritius second biggest investor: Government data

India attracted the highest FDI from Singapore in 2023-24 despite a 3.5% decline in overall foreign investments.

India received the highest foreign direct investment (FDI) from Singapore in 2023-24 even as overseas capital inflows into the country contracted by about 3.5% due to global economic uncertainties, according to the latest government data.

Though FDI from Singapore has dipped by 31.55% to $11.77 billion in 2023-24, India has attracted the maximum inflows from that country, the data showed.

During the last fiscal, FDI equity inflows decreased from major countries, including Mauritius, Singapore, the U.S., the U.K., UAE, Cayman Islands, Germany, and Cyprus.

However, investments increased from the Netherlands and Japan.

Since 2018-19, Singapore has been the largest source of such investments for India. In 2017-18, India attracted the maximum FDI from Mauritius.

According to experts, after the India-Mauritius tax treaty amendment, Singapore has emerged as the preferred jurisdiction for investment in India.

Rumki Majumdar, Economist, Deloitte India, said that as one of the world's prominent financial hubs, Singapore attracts global investors who want to invest in Asia.