Indian investment overseas up 94% in Q1 this fiscal

Overseas investments by Indian firms jumped by 94% to USD 5.5 billion in the April-June period of the current fiscal year, Parliament was informed today.

In the corresponding period of 2010-11, outward investment totalled USD 2.8 billion, according to the latest figures given by Finance Minister Pranab Mukherjee in a written reply in the Rajya Sabha.

Mauritius (USD 548.54 million) was the top destination for Indian investors in the first quarter of 2011-12, followed by the US (USD 185 million) and Singapore (USD 157.31 million). Even for the inward foreign direct investment Mauritius with which India has a double taxation avoidance agreement (DTAA), is the preferred route.

Interestingly, overseas investment by Indian firms was highest in agriculture sector (USD 1419 million) followed by community services (USD 1349 million) and Construction sector (USD 1336 million).

As per data, investments by resident individuals abroad during April-June of current fiscal year stood at USD 63.9 million against USD 62 million in the previous year.