New Delhi, Apr 21 (PTI) India has replaced China as top destination for foreign direct investment by attracting USD 63 billion worth FDI projects in 2015, says a report.
“India was the highest ranked country by capital investment in 2015, with USD 63 billion-worth of FDI projects announced,” according to fDi Intelligence, a division of The Financial Times Ltd.
Also there was an 8 per cent increase in project numbers to 697.
Major companies such as Foxconn and SunEdison have agreed to invest in projects valued at USD 5 billion and USD 4 billion, respectively, in India in 2015, it said.
“India replaced China as the top destination for FDI by capital investment following a year of high-value project announcements specifically across the coal, oil and natural gas and renewable energy sectors,” the report said.
It said the biggest change in greenfield FDI in 2015 was the near tripling of greenfield FDI into India, with an estimated USD 63 billion.
“In 2015, India was for the first time the leading country in the world for FDI, overtaking the US (which had USD 59.6 billion of greenfield FDI) and China (USD 56.6 billion),” the report noted.
In a tweet, Minister of State for Finance Jayant Sinha said: “India emerges on top in attracting FDI”.
Of the top 10 destination states for FDI in 2015, India claims five places, with the top place going to Gujarat, which attracted USD 12.4 billion. Maharashtra has been one of the strongest performers across the years attracting USD 8.3 billion, respectively, in 2015.
According to fDi Markets, the motives cited by companies investing in India and China are quite similar in nature. For both countries, companies identify domestic market growth potential and proximity to markets as the main two reasons for investing.
“The rapid growth of greenfield FDI in India shows that while economic development organisations try to attract FDI for the contribution greenfield FDI can make to employment and GDP, FDI is strongly attracted to high-growth economies.
“Success breeds success and to attract high volumes of FDI, locations need to create the conditions for strong economic growth and development to take place,” the fDi report said.
It said the Make in India campaign and the resultant boost in FDI has resulted in a whopping increase in FDI job creation from 1.16 lakh new jobs in 2013 to 2.25 lakh in 2015 the highest number in the world.
@ Agency report.
Papua New Guinea : Twelve people, including an Australian, were killed when a light plane crashed just short of a landing strip in remote Papua New Guinea, reports said on Thursday.
The aircraft was flying in the rugged west of the Pacific nation on Wednesday afternoon when its engine failed mid-air, sending it into a nose-dive, the PNG Broadcasting Corporation said.
It crashed into a swamp close to Kiunga airstrip. “Yesterday we encountered a tragedy, a plane crash,” Kiunga’s police commander Joe Puri told local media. “A small plane that arrived from Oksapmin just before landing crashed into the swamp, with all the passengers, including the pilot, dead.”
The broadcaster said three children were among those killed while Australian media said the Australian on board was the pilot. The Australian Department of Foreign Affairs confirmed one of its nationals was on the Sunbird Aviation flight and that it crashed on approach to Kiunga.
“We continue to work closely with Papua New Guinea authorities,” a department spokesman told AFP, without confirming whether or not he was the pilot. “Our thoughts are with the passengers and crew of the aircraft and their families. Due to privacy obligations, we are unable to provide further information.”
@ Agency report.
HIROSHIMA: The meeting of foreign ministers from the Group of Seven industrialized countries in the western Japanese city of Hiroshima concluded on Monday.
Here are five things to know about the annual gathering of the top diplomats from Britain, Canada, France, Germany, Italy, Japan and the United States:
WHY HIROSHIMA?
Japan hopes to send a message of non-proliferation and peace.
Once all but annihilated by a US atomic bomb, Hiroshima has risen back as a symbol of peace and nuclear disarmament. It’s also the hometown of host Foreign Minister Fumio Kishida. Hiroshima can also entertain the guests with its homegrown oysters, reputed to be Japan’s best, and the picturesque Miyajima shrine by the sea.
Kishida told Sunday’s reception that he hoped the experience would help the visiting ministers to “learn how Hiroshima has risen back from the atomic bombings to become the symbol of peace and hope.”
PEACE MEMORIAL PARK AND A-BOMB MUSEUM
The foreign ministers will honor the dead at the Hiroshima Peace Park and visit the nearby Atomic Bomb Museum on Monday, a dream-come-true for many surviving victims, who have for decades campaigned to bring leaders of nuclear states to Hiroshima to see the damage. Japan also hopes the ministers will issue a separate “Hiroshima declaration” on nuclear non-proliferation, in addition to the usual communique.
ON THE AGENDA
The recent attacks in Belgium are likely to put terrorism and violent extremism high on the agenda, along with the refugee issue, nuclear non-proliferation including North Korea’s recent rocket and missile launches, maritime security amid China’s assertive posture in the East and South China seas, as well as the Middle East and Ukraine.
RUSSIA ABSENT BUT ON AGENDA
A key player not in the room is Russia. The eighth member of what used to be the G-8 has been excluded since last year because of its support for separatist rebels in Ukraine. Russia’s foreign minister is due to visit Tokyo to meet Japanese counterpart Kishida later in the week, a possible prelude to a visit by Japanese Prime Minister Shinzo Abe to Russia in May. Other G-7 countries might not welcome such a trip.
SUMMIT OPENER
The foreign ministers’ meeting is the first of 10 ministerial meetings including finance, energy, environment and agriculture, held across the country ahead of the G-7 leader’s summit on May 26-27 in the coastal city of Shima in central Japan, near Ise, home to a Shinto shrine known as the nation’s most sacred with links to the Emperor.
@Based on NDTV report.