India 3rd-most preferred FDI destination
The United Nations Conference on Trade and Development (UNCTAD) World Investment Report for 2012 has named India as the third most desirable destination for Foreign Direct Investment (FDI) by global industrial giants.
Addressing mediapersons after unveiling the report here on Thursday, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) chief economist Nagesh Kumar said that the survey conducted in 179 companies ranked India behind China and the United States.
“They did a survey of 179 top global firms around the world and they asked their top destinations where they planned to invest between 2012 to 2014, and India ranked third in that survey. So after China and United States, India is the third most attractive destination as perceived by the global companies,” Kumar announced.
The report noted that FDI inflows rose by 33 percent in 2011 from 2010.
“In 2011, the FDI inflows to India went up to 32 billion dollar, which is 33 percent more than the FDI inflows coming to India in 2010. So this is a good news certainly, which shows the potential of the country,” Kumar added.
Overseas investment in the country rose for the first time in three years in 2011, as global investors put their faith in rising salaries, an expanding middle-class and a large and cheap labour force.