UAE Emerges As Fourth Largest Investor in India In FY23

UAE Emerges As Fourth Largest Investor in India In FY23

Daily Current Affairs / UAE Emerges As Fourth Largest Investor in India In FY23

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Category : Business and economics Published on: June 14 2023

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The United Arab Emirates (UAE), with which India implemented a comprehensive free trade agreement in May last year, has emerged as the fourth largest investor in India during 2022-23.
As per the report, the UAE was the fourth largest investor in India in 2022-23 compared to the seventh in 2021-22.
Singapore was the largest investor in India with $17.2 billion investment in FY23, followed by Mauritius ($6.1 billion) and the US ($6 billion).
India and the UAE have operationalised a comprehensive free trade agreement since May 1 last year. Under the pact, a number of goods from both countries are getting zero-duty access to each other's markets, besides eased norms for promoting investments.
UAE's investments in India are mainly in sectors like services, sea transport, power and construction activities. One of the crucial factors for the increase in foreign direct investment (FDI) from UAE is the signing of the Comprehensive Economic Partnership Agreement (CEPA) between India and UAE on February 18, 2022 (effective from May 1, 2022).

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