India Inc's foreign direct investment dips 62 pc to USD 976 mn in Apr

India's overseas direct investment (ODI) in April dipped 62 per cent to USD 976.14 million, data from the Reserve Bank showed. The fall in ODI can mainly be attributed to the coronavirus pandemic, which led to a global lockdown and halt in most of the business activities.

Domestic firms had invested nearly USD 2.56 billion in their joint ventures/wholly-owned subsidiaries during April 2019, according to the RBI data on Outward Foreign Direct Investment. Indian firms had invested USD 2.70 billion in overseas businesses in March 2020.

Of the total investment by Indian companies in April 2020-21, USD 586.42 million was in the form of loans, USD 230.81 million was equity infusion, while USD 158.91 million was in the form of issuance of guarantees, the data showed. RBI said the data is provisional and is subject to change based on reporting by banks.