Singapore was the largest beneficiary of outward direct investment (ODI) by Indian firms with the country getting Rs 2.03 lakh crore ($ 24.48 billion) or 22.3 per cent of the total ODI during the financial year 2023. Total outward direct investment by Indian firms rose by 19.46 per cent to Rs 9.11 lakh crore ($ 109 billion) in FY2023 as against Rs 7.62 lakh crore last year, data from a Reserve Bank of India study shows.
The US received Rs 1.24 lakh crore (13.6 per cent share) and the UK got Rs 1.16 lakh crore (12.8 per cent) as ODI from India in FY2023. The top ten countries accounted for as much as 85 per cent of the ODI. Switzerland received Rs 28,228 crore ($ 3.40 billion).
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