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Outward foreign direct investment (OFDI), both under Automatic Route and the Approval Route, by India Inc in October 2023, declined 29 per cent year-on-year (yoy) to $1.885 billion against $2.661 billion in October 2022 amidst a broader fall in global FDI flows.
OFDI also fell sequentially in the reporting month vis-a-vis previous month’s $2.145 billion.
A break-up of RBI’s OFDI data shows that two of the three components declined in October 2023 — equity commitment to $865.28 million ($1.424 billion in October 2022) and loan to $245.81 billion ($515.56 billion). Guarantees issued by India Inc, however, rose to $774.19 million ($721.43 million).
Country-wise distribution of Outward Direct Investment shows that Singapore accounted for the highest share at 22.3 per cent in FY23, followed by USA (13.6 per cent), United Kingdom (12.8 per cent), Netherlands (11.7 per cent), UAE (9.6 per cent), Mauritius (8.4 per cent), among others, per RBI data.
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