The United Arab Emirates (UAE) has been ranked the fourth largest investor in India during fiscal 2022-23 (FY23). Foreign direct investment (FDI) from there to India rose by over three-fold to $3.35 billion in that fiscal from $1.03 billion in the previous, data from the department for promotion of industry and internal trade (DPIIT) showed.

Singapore was the largest investor in India with investments worth $17.2 billion in FY23, followed by Mauritius ($6.1 billion) and the United States ($6 billion).

India implemented a comprehensive free trade agreement with the UAE in May last year, and many industry experts see that as a crucial factor behind this.

Moreover, the Gulf nation, which was the seventh largest investor in India in FY22, has committed to invest $75 billion in the Indian infrastructure sector over a period of time and partner with India in the renewable energy sector, a news agency reported.

UAE's investments in India are mainly in sectors like services, sea transport, power and construction.

The country accounts for about 2.5 per cent ($15.6 billion) of the total FDI India received between April 2000 and March 2023.

Fibre2Fashion News Desk (DS)

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UAE 4th largest investor in India in FY23 with FDI of $3.35 bn

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