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The total FDI in FY23 amounted to INR 49.93 lakh crore, marking a 6.9% increase compared to the previous fiscal year. Out of the 38,689 entities surveyed by RBI, 33,850 reported their FDI and outward direct investment (ODI) on their balance sheets as of the end of March 2023.
On the other hand, Singapore was the largest beneficiary of ODI by Indian firms during FY23. The country received INR 2.03 lakh crore ($24.48 billion), accounting for 22.3% of the total ODI. The total ODI by Indian firms rose by 19.46% to INR 9.11 lakh crore ($109 billion) in FY23, up from INR 7.62 lakh crore last year.
The US and the UK were other significant recipients of ODI from India with INR 1.24 lakh crore (13.6% share) and INR 1.16 lakh crore (12.8% share) respectively in FY23. Interestingly, three jurisdictions known for tax benefits – Bermuda, Jersey, and Cyprus – featured among the top ten countries receiving Indian ODI.
The manufacturing sector continued to attract the largest share of FDI equity at both market value and face value. Among services, information & communication and financial & insurance activities were the major FDI recipient sectors. Over 97% of the responding DI entities were unlisted in March 2023, and they accounted for a significant portion of the FDI equity capital in India, according to the RBI report.
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