In terms of top investor countries, Singapore is at the top with 29 per cent share. It was followed by the US (23 per cent) and Mauritius (9 per cent) during the last fiscal.
The average FDI investment in the 23 private life insurer is only 35.5 per cent, 30 per cent for 21 non-life private insurers and 31.7 per cent for the 7-specialised health insurance as of March 2019.
The inflows increased by a substantial 37 per cent in the third quarter (October-December) of 2020-21 to $26.16 billion. In December alone, FDI surged 24 per cent to $9.22 billion, the data showed.
The finance minister said that a majority of the directors in the board of these insurance companies will have to be resident Indians.
Moody's Investors Service senior analyst (financial institutions) Mohammed Ali Londe said the proposal to increase the FDI limit for insurers to 74 per cent is credit positive for insurers.
Total FDI, including re-invested earnings and other capital, during the month under review grew by 81 per cent to USD 10.15 billion.
According to the data released by the Ministry of Commerce and Industry, total FDI equity inflows in April-November 2020 was $43.85 billion, up by robust 37 per cent on a year on year basis.
FDI into India increased by 37 per cent to USD 43.85 billion during April-November 2020, according to data by the commerce and industry ministry.
The decline in FDI inflows was concentrated in developed countries, where fund flows fell by 69 per cent to an estimated $229 billion.
96.47% FDI inflows in the last five years have gone to just six cities namely Mumbai, New Delhi, Bangalore, Chennai, Ahmedabad, and Hyderabad.
ICICI Bank is looking at services beyond credit needs of overseas corporates with an eye on the fee income possibilities amid rising foreign direct investments (FDI) into the country.
India received FDI from China worth USD 2.43 billion (Rs 15,526 crore) between April 2000 and September 2020.
Australia has been an attractive destination for several Indian companies particularly firms in the areas such as banking, IT, and petroleum, Goyal said.
There are a host of reasons, from better infrastructure to lower taxes that have fuelled a surge in FDI. But underneath all that, something more fundamental is stirring.