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Karnataka becomes India’s top FDI destination, CM Bommai now heads to Davos to woo more investors

Karnataka CM Basavaraj Bommai (Pic Credit-IANS)

Karnataka has overtaken Maharashtra in attracting foreign investors. Karnataka Chief Minister Basavaraj Bommai just before leaving for Davos to participate in the World Economic Forum, said on Sunday that his state topped the list of states that drew the maximum foreign direct investment (FDI).

"We are proud of it, I am set to meet many business honchos and captains of the industry,” he said, adding that many of them have shown interest in investing in Karnataka.

“I am confident of getting a good response for our efforts to attract investments to the state," he added.

Maharashtra, New Delhi, Karnataka, Gujarat, Tamil Nadu, Haryana, Andhra Pradesh are among the top states that received the highest FDI.

Also read: India's exports sector registers robust growth despite geopolitical uncertainties

Despite a severe second wave of Covid 19, India has held up its position as a favourite investment destination driven by a fast-changing geo-economic landscape. “The country is being seen as a credible alternative to China as an investment destination,” an analyst said, adding that most of the preparatory work is already underway.

India recorded its highest foreign direct investment in 2021-22 at $83.57 billion, official data revealed.

"In 2014-2015, FDI inflow in India stood at mere $45.15 billion as compared to the highest ever annual FDI inflow of $83.57 billion reported during the financial year 2021-22 overtaking last year's FDI by $1.60 billion despite military operation in Ukraine and COVID-19 pandemic," noted the Ministry of Commerce & Industry in an official statement.

India's FDI inflows have jumped 20-fold since FY03-04 when the inflows were at $4.3 billion.