Modi’s promised Acche Din might have taken some time coming, but they finally seem to be here. On the heels of his historic Digital India summit in Silicon Valley in which the Prime Minister launched a charm offensive on global CEOs, it has emerged that India led the world in Foreign Investment in 2015.
The list, which is dominated by a clutch of developing economies including China, Mexico, Indonesia and Vietnam, sees India at the top of the pack with $31 billion of foreign investment this year. China is in 2nd place with $28 billion, and US is third with $27 billion in FDI.
Modi had repeatedly stressed the importance of bringing foreign investment to India in BJP’s election campaign in 2014 which had seen the party win an unprecedented majority in the Indian parliament. After coming to power, Modi had personally overseen the Make in India campaign, that encouraged foreign companies to set up manufacturing facilites in India, and envisaged India as a global manufacturing hub.
Several global joints have also announced setting up their offices in India, including Google, Amazon and Uber, which have all said that they’d be setting up their largest non-US offices in the country. India has also seen a slew of manufacturing plants being announced, with Foxconn and Xiaomi planning to set up facilites in Maharashtra and Andhra Pradesh respectively.