Singapore is India's top source of FDI

A customer in India receiving a package delivered by Flipkart in 2016. Walmart bought a 77 per cent stake in India's Flipkart for US$16 billion in May last year. Flipkart's parent firm is based in Singapore, and the investment was a factor behind the
A customer in India receiving a package delivered by Flipkart in 2016. Walmart bought a 77 per cent stake in India's Flipkart for US$16 billion in May last year. Flipkart's parent firm is based in Singapore, and the investment was a factor behind the jump in foreign direct investments from Singapore.PHOTO: BLOOMBERG

Singapore was the top source of foreign direct investment (FDI) in India in the last financial year, underlining growing business links between the two countries.

According to the latest figures from the Indian Department for Promotion of Industry and Internal Trade, the country received the greatest share of FDI inflows from Singapore, valued at US$16.23 billion (S$22.1 billion).

Singapore was also the largest source of FDI inflows into India in 2015-2016, when it accounted for nearly a third of the total inflows.

SEE BUSINESS

A version of this article appeared in the print edition of The Straits Times on June 06, 2019, with the headline 'Singapore is India's top source of FDI'. Print Edition | Subscribe