Mauritius has again emerged as the hot destination for Indian corporates investing abroad. The US and Singapore seem to be loosing their attraction.
The Finance Minister Mr Pranab Mukherjee, in a written reply in the Rajya Sabha on Tuesday, said that Mauritius, the US and Singapore have regained the top three places in attracting Indian capital but with one difference. Mauritius has registered very healthy growth, but investment in the US and Singapore has come down in comparison to the previous year. United Arab Emirates (UAE) has also registered positive growth, but investment in the Netherlands has come down to half while to Germany it is down to nearly one third.
Sector-wise trend is also very interesting as manufacturing has been pushed from top to fifth while a sector titled ‘Agriculture, Hunting, Forestry and Fishing' has got maximum money in the first quarter of this fiscal. Even financial sector, clubbed with insurance, real estate and business services as one sector, is not among the top three sector in which investments were preferred.
Indian companies, trusts, registered partnership firms and proprietary concerns are allowed to make investment abroad. Indian resident individuals are also allowed to make investment abroad under the ‘Liberalised Remittance Scheme.'