NEW DELHI: With Google’s latest investment in India, the US Foreign Direct Investment (FDI) to India has crossed $40 billion for this year, says US-India Strategic and Partnership Forum (USISPF).According to Mukesh Aghi, president of USISPF, which keeps a track of the major US FDIs, the rise in FDI reflects a growing confidence of American companies in the country.“Investors’ confidence in India is high. India still remains a very promising market for global investors. If you look at the $20 billion, not just the US, but (investment) has also come from other geographies such as the Middle East and the Far East.
Year to date investment from the US, including the recent ones, is over $40 billion,” Aghi said. In the recent weeks alone, the announcement of FDI into India has been over $20 billion, he said, referring to the announcements made by some of the top companies like Google, Facebook and Walmart. “So, India still
remains a very, very bullish market for the investor community,” he added.
The USISPF has been working with New Delhi to bring in FDI into India, playing a key role in encouraging American companies that are planning to move their bases out of China, Aghi said, adding that the move gained momentum during the coronavirus pandemic. Earlier this week, Larry Kudlow, the White House Economic Advisor, told reporters that the US tech giants announcing big investments in India shows that people are losing trust in China and India is emerging as a big competitor.