India moved up among top global destinations for foreign direct investment (FDI) in 2024, remaining the dominant recipient in South Asia and accounting for the vast majority of FDI inflows, a United Nations Conference on Trade and Development (UNCTAD) report said on Thursday.
Despite a marginal dip in inflows at $27.6 billion, India climbed up to 15th place globally in 2024, from 16th position in 2023 when it received $28.1 billion in FDI, according to the UNCTAD’s 'World Investment Report 2025'.
"While project numbers increased in most regions, only a few countries saw a significant rise in the value of new project announcements. India stood out with projected capital expenditures up by more than a quarter to $110 billion, almost a third of the total in Asia," the report mentioned.
There was a notable increase in greenfield project announcements, where India ranked fourth with 1,080 greenfield projects announced in 2024.
Greenfield projects have become an important source of investment in the digital economy in the developing world.
The number of greenfield projects announced by Indian investors increased by 20 per cent, placing India among the world’s top 10 investor countries, the report noted. The country was also among the top five economies in terms of international project finance deals, securing 97 such transactions.
The value and number of greenfield projects rose in developed economies but fell in developing countries, reversing the trend observed in 2023.
"In India, semiconductor and basic metals projects contributed to the rise in manufacturing activity," said the report.
Energy and gas supply retained its position as the top sector by project value, accounting for 14 per cent of the total. The sector shows the highest average project size at $584 million, with a prevalence of utility-scale developments, including solar farms, wind parks, liquefied natural gas terminals and power transmission infrastructure.
"The sector saw moderate growth in value (+12 per cent), driven by national energy transition plans in India, Indonesia and Viet Nam, supported by blended finance models and enabling policy frameworks," the UNCTAD report mentioned.
Overall, global FDI fell by 11 per cent, marking the second consecutive year of decline and confirming a deepening slowdown in productive capital flows, according to the World Investment Report 2025.
Although global FDI rose by 4 per cent in 2024 to $1.5 trillion, the increase is the result of, among other factors, volatile financial conduit flows through several European economies, which often serve as transfer points for investments.
"Too many economies are being left behind not for a lack of potential – but because the system still sends capital where it’s easiest, not where it’s needed," said UN Trade and Development Secretary-General Rebeca Grynspan.
"But we can change that. If we align public and private investment with development goals and build trust into the system, domestic and international markets will bring scale, stability and predictability. And today’s volatility can become tomorrow’s opportunity," Grynspan added.
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