India moves a rung up to rank 15th among top FDI destinations in 2024

The United States led both categories by a wide margin, attracting more than double the number of greenfield announcements and project deals compared with India. It also retained its position as the top FDI destination globally, with inflows rising to $279 billion in 2024 from $233 billion in the previous year.

China fell to the fourth place with a 29 percent decline in FDI inflows, dropping from the second position it held in 2023.

“FDI flows to developing Asia – by far the largest recipient region – were 3 percent lower. FDI in China fell for a second year, by 29 percent. FDI flows increased in ASEAN (up 10 percent) to $225 billion, a new record. They fell by 2 percent in India, despite a significant increase in announced greenfield projects. Flows to West Asia remained at a high level, mainly because of strong inflows into the United Arab Emirates,” the report said.

India also climbed in the global ranking of FDI outflows, moving to the 18th slot with $24 billion in outward investments — up from 23rd in 2023, when outflows totalled $14 billion.

“India and Saudi Arabia rose in the rankings compared with the previous year. The number of greenfield projects announced by Indian investors increased by 20 percent, placing India among the world’s top 10 investor countries,” the report noted.

While the US-led greenfield activity in sectors such as semiconductors and automobiles, India’s outbound investments focused on semiconductors and basic metals.

“New battery and EV assembly facilities were announced in the United States, India and several European countries,” UNCTAD said.