United Nations, June 21

India received $64 billion in foreign direct investment (FDI) in 2020, the fifth largest recipient of inflows in the world, according to a UN report.

The World Investment Report 2021 by the UN Conference on Trade and Development (UNCTAD), released on Monday, said global FDI flows have been severely hit by the Covid pandemic and they plunged by 35% in 2020 to $1 trillion from $1.5 trillion the previous year.

Lockdowns caused by Covid around the world slowed down existing investment projects and prospects of recession-led multinational enterprises to reassess new projects.

The report said in India, FDI increased 27% to $64 billion in 2020 from $51 billion in 2019, pushed up by acquisitions in the information and communication technology (ICT) industry, making the country the fifth largest FDI recipient in the world.

The pandemic boosted demand for digital infrastructure and services globally. This led to higher values of greenfield FDI project announcements targeting the ICT industry, rising by more than 22% to $81 billion. — PTI

UNCTAD REPORT

• Global FDI flows plunged by 35% in 2020 to $1 trn from $1.5 trn previous year
• In India, FDI rose by 27% to $64 bn in 2020 from $51 bn in 2019, backed by buyouts in ICT industry
• Major announcements in the ICT industry included a $2.8-billion investment by Amazon in India