FDI Determinants in India(Research Paper)

Determinants for FDI flow in India

Determinants for FDI Inflow in India

Under the guidance of

Dr. Sanjeev Prashar

Section-A

Mayank Garg(11DCP026)

Anurag Prashant(11DCP013)

Farid Ashraf(11DCP019)

Prashant Gupta(11DCP035)


Contents

FOREWORD........................................................................................................................................4

PREFACE.............................................................................................................................................5

ABSTRACT..........................................................................................................................................6

INTRODUCTION.................................................................................................................................6

PROJECT OVERVIEW:.......................................................................................................................6

LITERATURE REVIEW:.....................................................................................................................7

PROBLEM DEFINED........................................................................................................................10

OBJECTIVES.....................................................................................................................................10

SIGNIFICANCE.................................................................................................................................11

RESEARCH METHODOLOGY........................................................................................................11

SCOPE................................................................................................................................................12

LIMITATIONS OF RESEARCH........................................................................................................12

DATA AND MODELS.......................................................................................................................13

CONCLUSION:..................................................................................................................................18

REFERENCES....................................................................................................................................19


ACKNOWLEDGEMENT

The researchers wish to express their deepest gratitude and warmest appreciation to the

following people, who have inspired and have contributed in any way to the overall success

of the undertaking.

To Dr. Prashar for his guidance, support and constant encouragement duration of the study.

To our friends, who have been unselfish in extending their efforts and word of advice.

And above all, the researchers are thankful to the Almighty God, who never cease in loving

us and for the continued guidance and protection.

The Researchers


FOREWORD

"I need the money" said an embattled finance minister Shri Pranab Mukherjee as he batted in

favour of bringing the FDI in multi brand retail against the cacophony of opposition. As the

debate raged in the hallowed space of the Indian Parliament, we realised the importance of

political stability and consensus among different parties as a critical factor in deciding on

major policy decisions like inflow of FDI across different sectors. No sooner did we realise

the importance of polity, we also realised that a factor like this was extremely complex and

dynamic in nature. Such a consequence was not measurable in nature yet its importance

could not be stated enough. It struck upon the researchers that there would surely be factors

of equal if not more importance which would be critical in nature which could help bring FDI

in India which is facing sluggish growth even though it still maintains its status as the second

fastest growing economy in the world.

More than 2 decades have elapsed since the Indian economy was opened and thus

began a remarkable phase of growth and outreach of the indian entrepreneur. But they were

the policy decisions of those times and as change is the only constant, the factors which

contributed to MNC's choosing to plough their money in our economy, the factors have

evolved as well. The criticality of certain factors have taken precedence as the size of

economy has grown and become more visible.

As a prelude to deciding the topic for research , we engaged in a thorough study of the

growth of some of the fastest developing economies(China) and other developed Asian

bellwethers (Japan and South Korea). Even though the countries had their own growth story,

some commonalities emerged strong and we found that influx of FDI had played a major role

in the development of these countries. Hence we decided that since our economy had a long

way to go, we would carry out a research determining as to what parameter could play a

deciding role in bringing the valuable foreign exchange to India.


PREFACE

This paper presents the role that FDI Inflows play in economic development of Indian

economy and the related factors. It shows how different quantifiable factors affect the

variation of FDI Inflows with the help of principles of econometric and its varied

applications.

This research paper is primarily addressed to academicians, who play an increasingly

important role in the growth and development of the opinions. An understanding of FDI as an

important factor that influence economic sustainability will help them in proper

understanding of the need for it in a growing economy like India.

Sincere acknowledgment is here made to those who helped these researchers gather data for

this research paper. This work would not have reached its present form had it not been their

invaluable help.


ABSTRACT

Foreign direct investment is a major stimulus to economic growth in developing countries.

Capital flows to developing countries have grown substantially since the early 1990s, with

selected Asian and Latin American countries receiving capital from developed countries in a

large scale. The volume of FDI that flows into India is growing as a share of total global FDI

flows. India's share is on a steady upward trend for the last few years. The aim of the research

is to analyse the various potential determinants(Both quantifiable and Unquantifiable) of FDI

for India. The time frame for analysis is a 4-year period, 2007-2010. The period encompasses

a significant transition from a surging economy to the gloom of the recession and then green

shoots of recovery that emerged post recession. we examine the relative significance of key

economic determinants of foreign direct investment FDI using multiple regression.

INTRODUCTION

Capital flows to India have grown substantially since the early 1990s. From an inflow of

$165 million in the fiscal year ending 1992 to a staggering $27024 million in fiscal ending

march 2011, post liberalization India has witnessed a mammoth increase in FDI in 2 decades.

But it is still far off from fulfilling the appetite of a country with more than a billion strong

consumer base. Indian economy is resemblance of an economy studded with foreign

investment and foreign policies with deregulation playing a pivotal role. Notable feature is its

being ranked 3rd by E&Y as among the most attractive destinations for FDI’s in 2010.

Broadly, the determinants of FDI can be bifurcated divided into 2 different sets. The first set

of factors are the Quantifiable factors like: Forex reserve, Balance of Payment(BOP), GDP,

Fiscal deficit, Index for Industrial production(IIP), Inflation and second set of factors include

unquantifiable factors like: Political stability, Openness of the economic policies, Prosperity,

Binding on investment by law, Bilateral relation between the nations. In the last few years,

capital flow to developing from developed countries has increased substantially. Underlying

this surge in inflows has been a slowdown in economic activity in the developed countries,

and a parallel improvement in the economic prospects of recipient developing countries.

PROJECT OVERVIEW:

The broad objective of this study is to evaluate factors that are encouraging to FDI flows in

India. There have been numerous studies in the past which have clearly stated the beneficial

aspects of FDI inflow in a country. Traditionally, foreign firms tend to locate in developing


nations with one or more of these intentions in mind: efficiency, resource and market seeking

objectives. Cheap workforce, resource pool and stable encouraging political & economical

policies are the main factors which attract FDIs. Moreover, study aims to develop a trend and

factors influencing FDI. Study can be conducted either on demand side factors such as

market size, incentives, infrastructure and political stability which are unquantifiable in

nature or on the basis of supply side factors like inflation, IIP, forex reserves and GDP

growth which are quantifiable and data is readily available. Quazi and Mahmud (2004)

investigated that which factors, either economic or non-economic, drive the flow of FDI into

South Asia and found that economic freedom, openness, prosperity, human capital, and

lagged FDI significantly increase FDI inflow into South Asia, while political instability

depresses it. The time period of study is from 2007 to current.

LITERATURE REVIEW:

Numerous studies have been done to find the determinants of FDI. This literature review

draws from the past studies conducted in the same area and provides an explorative view of

the relationship that exists between FDI inflows and its determinants.

To start with, Bosworth and Collins (1999) argued in their literature that the ability to attract

international capital can offer large potential benefits for developing countries. Foreign

capital can be used to augment domestic savings (which is usually at the low level) and thus

enable countries to increase the rates of capital accumulation. Consequently, this improves

long term growth prospects and increases wealth of the population, in other words, speeds up

the development process. Foreign direct investments (or the FDI) are principally driven by

the difference in prices of factors of production and the size of national market. Foreign

investors move their production process to the developing countries aiming to reap

advantages of cheaper factors of production and their strategy is delocalization of low-skilled

production stages towards low-wage countries.

Shaukat Ali and Wei Gu (2005) suggest that if a country does not have the resources like

requisite technology, and skills, the same can be provided by FDI through the spill over

effect. However, the ability of the host country to use these resources and generate growth

successfully depends majorly upon its policies. Foreign direct investment is more conducive

to long-run growth and development than other forms of capital inflows.


James P. Walsh and Jiangyan Yu (2010) argue that FDI brings with it foreign technology

and management skills, which can then be adapted by the host country in other contexts.

They further establish that FDI inflow is not only affected by tangible factors like interest

rates, inflation rate but also on some intangible factors like stable economic conditions and

strong institutions, and that investors are also concerned about political instability, inflexible

regulations, and poor development indicators among prospective workers. The abundance of

natural resources has a positive impact on FDI inflow. Rojid Sawkut, Seetanah Boopen,

Ramessur-Seenarain Taruna & Sannassee Vinesh (2007) further argue that openness of

economic policies has a positive impact on FDI inflow and is in line with the fact that

openness of economic policies create a positive environment which is likely to attract foreign

firms. The more open the economy policies, the more the positive benefits of FDI to the host

country. Foreign direct investment (FDI) is one of the most effective ways by which

transition economies become integrated to the global economy as FDI provides not only

capital but also technology and management know-how necessary for restructuring firms in

the host economies.

Studies conducted in Malaysia by Marial and Ngie (2009) prove that FDI not only helps in

the growth of the economy but it is also an important vehicle and indicator of the country’s

degree of economic globalization and integration into world economy. During the late 1990’s

Malaysia experienced annual growth of around 9% which in part is attributed to massive FDI

flows that played a significant role in pushing the Malaysian economy forward. In addition to

providing new capital, FDI is generally accepted as a means of incorporating new knowledge

from abroad.

Markusen (2002). The inflow of FDI accompanied by new knowledge may benefit domestic

firms through imitation and learning, increased competition in local markets, facilitation of

human capital mobility among firms, and vertical linkages; thereby increasing the

productivity level and sustaining a higher growth rate. Traditionally, foreign firms locate in

developing countries with one or more of these intentions in mind: resource, efficiency or

market-seeking objectives. For a mining firm, for example, the availability of natural

resources is the key reason to invest in a particular country. Therefore, the resource-seeking

objective is paramount for such firms. In terms of the efficiency-seeking objective it goes

beyond the natural resource pull of countries.


Nunnenkamp and Spatz (2004) argue that from a development perspective, developing

countries might be better off if they attract efficiency-seeking FDI in the form of full-scale

plants with cutting-edge technology and management practices, strong export orientation and

substantial integration in the supply chain of the multinational enterprise. Such investments

offer higher developmental benefits than FDI in the form of sub-scale plants that produce for

the local market, may not use the latest technology, and are protected from international

competition. A number of centrally planned economies set out to implement economic and

political reforms, applying different strategies and experiencing dramatically different

outcomes

Dunning’s (1977) location advantage theory helps to identify important variables that

influence FDI flow using three main categories: (a) economic, (b) social or cultural factors,

and (c) the political environment. The empirical result revealed that the most important

economic variable found were market size that shows a country’s development levels permit

the exploitation of economies of scale which is likely to increase the attractiveness of FDI

vis-à-vis alternative forms of internalization. The external debt burden is like a disincentive

for FDI as found with negative relationship between this variable and FDI inflow.

As mentioned by Isabel Faeth (2005) most of the variables included (GDP growth, wage rate

growth, job vacancies, openness, interest rate) had the expected signs, while the signs of other

variables (exchange rate appreciation) were plausible – the only exception being the

corporate tax rate and inflation rate. Two points of interest emerged from this estimation.

Firstly, the model shows that FDI decisions (unlike portfolio investment decisions) are

predominantly driven by longer term considerations. The variables included were not

significant in the time period when the investment was made, but were significant for up to

five lags.

Owen C. H. Ho (2004) finds that though there is strong co-relation between GDP growth

and FDI inflow, which is consistent with the widely accepted belief that growing market size

creates an incentive for foreign investors to gain market access. But FDI does not necessarily

induce economic growth. A study was conducted using China as an example to demonstrate

the same. China is one of the largest developing economies in the world with one of the

highest FDI inflows. This proves that FDI doesn't always contributes towards the growth of

the host country.


Pravakar Sahoo November (2006) finds that market size, labour force growth,

infrastructure index and trade openness are the major & influential factors for determinants of

FDI in South Asia. Therefore, focus of South Asian Countries towards market reforms, trade

liberalization led to reduced restrictions on foreign investment and expanded the scope for

FDI in most sectors. Rabin Hattari, Ramkishen S. Rajan , and Shandre

Thangaveluexplain (January 2008 ) finds the drivers of intra-ASEAN FDI flows using

bilateral FDI flows between host and source ASEAN countries. The sizes, lower political

risk, and lower corporate tax rate in the host country are among the factors that appeal and

facilitate bilateral intra-ASEAN FDI flows. Also, a shorter distance between countries tends

to facilitate bilateral FDI flows.

Elif Arbatli (August 2011) finds the role of external factors and of political stability of the

host country in the flows of FDI in Emerging Market Economies. Eliminating FDI related

capital controls, lowering of corporate tax rates and trade tariffs, adopting fixed or managed

exchange rate policies and have played an important role for FDI inflows. Also, Political

instability, and Domestic conflict events are found to have significant negative effects on

FDI, which highlights the role of inclusive policies to promote growth and development and

avoid sudden withdrawal of FDI inflows.

PROBLEM DEFINED

There is generally a positive attitude towards FDI because of the potential benefits from the

spill-over of technologies and skills. Investments in the FDI are less likely to move out in a

short span during financial crisis as compared to other forms of foreign investment such as

Foreign Institution Investment, portfolio investment. So what are the determinants for the

flow of FDI. Though a lot of researches have been done to find the determinants for FDI

flow, but no study has been conducted to find the determinants for a particular sector. This

research aims to establish the dependency of different determinants on FDI. The study has

been done for the period of 4 years starting from 2007 to 2010, which encompasses a

significant transition from a surging economy to the gloom of the recession and then green

shoots of recovery that emerged post recession.

OBJECTIVES

In the following research paper we shall closely examine the factors which assist and those

which prove to be a bottleneck in the inflow of FDI in India. While India has allowed free


flow FDI in some sectors, it has critically regulated FDI in other crucial sectors. In our paper

we shall examine certain domestic factors such as infrastructure crunch, political

indecisiveness, GDP growth rate, Inflation rate, Interest rate, vested interests and powerful

lobbies along with global factors like the effect of global downturn, global technology

standards, India’s image as an investment hub and competition vis-a-vis China as indicators

as well as determinants whether the dollar inflows are maintained

SIGNIFICANCE

In the past decade, India has become an increasingly important hosting economy for FDI and

this trend is expected to continue with the country’s entry to the World Trade organization.

The purpose of this paper is to empirically examine the foreign direct investment (FDI) in

India. We will use secondary data, multiple regression will be employed to estimate the

relationship between different determinants and the FDI. This is followed by an application

of factor analysis to examine the variables and factors influencing the FDI in India, such as

GDP, Balance of Payments, Fiscal deficit and others.

RESEARCH METHODOLOGY

With major policy changes regarding FDI in retail, insurance, banking, logistics,

infrastructure etc expected in the foreseeable future, The Government of India is expected to

facilitate the smooth rolling in of foreign investment. Factors may vary as a matter of

perspective from the policy side and from the viewpoint of the investor.

Important macroeconomic parameters are established through a thorough study of literature

regarding the same on parallel economies in their stages of growth. These parameters include

the inflation rates in an economy, Index for industrial production which measures the

improvement in the manufacturing capabilities of the country and also the improvement in

technological levels. Also included are the balance of payments which highlight the direction

of trade, the fiscal deficit maintained by the government which has proven to have a bearing

on the inflation rates in the economy. The data collected for the research includes the pre

recession, the recession stage and the recovery stage of the global economy and hence a time

frame from 2007 onwards has been chosen for the study. The research conducted will be

carried out in 2 parts:


1) The first part involves establishing the variability of the factors with respect to the

FDI inflows using the factor analysis tool in SPSS. For establishing the veracity of the

data before carrying out the factor analysis, the KMO and Bartlett’s test are

conducted. A value of above .665 is required to affirm the measure of sampling

adequacy. The data used for research has the month wise value of the aforementioned

parameters.

2) The second stage of the research involves multi stage regression which used to

ascertain the correlation and weight age of the factors included in a particular

category obtained by factor analysis. Thus we can obtain a certain amount of accuracy

regarding the variability in the inflows of FDI in India when these factors are

subjected to sharp changes.

SCOPE

The study is being carried out to identify major determinants of FDI inflows in India

influencing the growth of the country in terms of macroeconomic variables such as inflation,

Balance of Payment (BOP), Fiscal Deficit, Index of Industrial Production (IIP), GDP growth

rate & Forex Reserve taken from literature. The study has been done for the period of 4 years

starting from 2007 to 2010. The period encompasses a significant transition from a surging

economy to the gloom of the recession and then green shoots of recovery that emerged post

recession

LIMITATIONS OF RESEARCH

1) Factors like political stability, relations between governments etc. are not quantifiable in

nature, hence these have not been covered under the purview of the study.

2) The period encompassed in the study is that of a recessionary phase and growth post it.

Hence the research paper covers a turbulent time in global economy.

3) The research is focused on the factors contributing to the inflow of FDI till current date

and cannot to be used to project factors that may influence future inflow.

4) Economy of India has bypassed the manufacturing stage and directly become service

oriented economy. This distorts the cyclicity that an economy is supposed to follow per say.

This introduces a scope for error in the research results.

5) Due to inadequacy of statistical data, we could not cover Interest rate which is an

important factor affecting the FDI inflow into any country.


DATA AND MODELS

FDI inflows, construed to be one of the most important growth indicators of an developing

economy, is widely and deeply affected by a number of varied factors. Factors, both

quantifiable and unquantifiable have been in existence for eons. While on one hand we have

unquantifiable or abstract factors like political stability, prosperity, openness of policies,

binding on investment by laws, mutual relations between the two countries etc. Factors may

also be categorised as economic or non economic factors as well. On the other hand there are

some statistically determined factors which have again impacted FDI inflows from time to

time like external debt, Forex reserve, IIP, GDP growth rate, BOP etc. However, one thing

needs to be noted, dependency of FDI on these factors have kept changing over the period of

time in every country. For instance, “Aseidu (2002), and Ioannatos (2003) found positive

relationship between trade openness and FDI inflows” while “Chakrabarti (2003) found

negative significant relationship between taxes and FDI inflows”. Thus we started on an open

note regarding the formation of a factor basket from which a few factors have been filtered by

the factor analysis.

After a careful study of previously done researches on the same topic, the team

decided to narrow down on the following statistically determined quantifiable factors;

Forex reserve

BOP

GDP growth rate

Fiscal Deficit

Inflation rate

IIP

and used SPSS’s factor analysis for determining whether our hypothesis holds true or not.

Upon conducting the analysis, it was proved that all the factors chosen are indeed

liable to be selected as factors affecting and determining FDI inflow. All the factors

chosen were passed through factor analysis with data from 2007-2011 and it cleared the

minimum criteria of 0.678 Bartlett’s test.

After finalising on these factors, multiple regression was conducted for determining the

dependency between yearly FDI and factors selected.


FDI & BOP: regression test gives a negative coefficient for BOP vs FDI, which is infact

true if previously held researches are taken into consideration. With low BOP, it

felicitates government to borrow less for reducing debt and it allows that much flexibility

for flexing its investing options, which in-turn attracts foreign investment.

FDI vs Fiscal Deficit: test again shows a negative correlation between the two,

establishing the fact that fiscal deficit is a repellent to FDI. Economies with less fiscal

deficit have higher FDI inflow as compared to those with high fiscal deficit.

FDI vs GDP Growth Rate: with a promising and sustainable GDP growth rate, investors

see promise in future growth of economy and are attracted for making investments.

FDI vs Inflation: with increase in inflation, cost of investment increase i.e. cost of

manufacturing and commodity increases, thus reducing the marginal cost of investment.

Also it leads to appreciation in foreign currency.

FDI vs Forex Reserve: economic analysts are always hopeful for increase in Forex

reserves and FDI is one of the strong tool for it. Both are positively correlated, a fact

seconded by our analysis. Analysis demonstrates a positive dependency coefficient

between the two supported by the data.

FDI vs IIP: IIP refers to Index Industrial Production, a measure of growth in various

sectors in Indian economy like manufacturing, white goods etc. With strong growth

prospects and trend, it becomes an attractive option of investment both for Indian &

Foreign investors. Earlier the base year for measuring of index IIP was ’93-’94 but was

later changed to ’04-’05. The index has grown from 134 in Jan’07 to 175.6 in Dec’10. A

strong correlation is demonstrated between the two confirming the notion.


Jan 2007

April 2007

July 2007

October

2007

Jan 2008

April 2008

July 2008

October

2008

Jan 2009

April 2009

July 2009

October

2009

Jan 2010

April 2010

July 2010

October

2010

-80000

-60000

-40000

-20000

0

20000

40000

60000

80000

Fiscal Deficit

Fiscal Deficit

Jan 2007

March 2007

May 2007

July 2007

Septem

ber 2007

November

2007

Jan 2008

March 2008

May 2008

July 2008

Septem

ber 2008

November

2008

Jan 2009

March 2009

May 2009

July 2009

Septem

ber 2009

November

2009

Jan 2010

March 2010

May 2010

July 2010

Septem

ber 2010

November

201002468

1012141618

Inflation

Inflation


Jan 2007

March 2007

May 2007

July 2007

Septem

ber 2007

November

2007

Jan 2008

March 2008

May 2008

July 2008

Septem

ber 2008

November

2008

Jan 2009

March 2009

May 2009

July 2009

Septem

ber 2009

November

2009

Jan 2010

March 2010

May 2010

July 2010

Septem

ber 2010

November

20100

20406080

100120140160180200

IIP

IIP

Jan 2007

April 2007

July 2007

October

2007

Jan 2008

April 2008

July 2008

October

2008

Jan 2009

April 2009

July 2009

October

2009

Jan 2010

April 2010

July 2010

October

20100

2

4

6

8

10

12

GDP Growth

GDP Growth

Jan 2007

April 2007

July 2007

October

2007

Jan 2008

April 2008

July 2008

October

2008

Jan 2009

April 2009

July 2009

October

2009

Jan 2010

April 2010

July 2010

October

20100

200000400000600000800000

1000000120000014000001600000

Forex Reserves

Forex Reserves


Jan 2007

March 2007

May 2007

July 2007

Septem

ber 2007

November

2007

Jan 2008

March 2008

May 2008

July 2008

Septem

ber 2008

November

2008

Jan 2009

March 2009

May 2009

July 2009

Septem

ber 2009

November

2009

Jan 2010

March 2010

May 2010

July 2010

Septem

ber 2010

November

2010

-100000

-50000

0

50000

100000

150000

BOP

BOP

CONCLUSION:

In this study determinants for the flow of FDI in India were examined for the period from

2007 to 2010. This research offers additional evidence on the relative significance of key

economic factors and their influence on FDI inflow, which will help India to formulate its

policies for attracting FDI & maximizing the benefits in favour of the country. A factor

analysis was conducted to find the factors or variables that explain the correlations within the

set of observed variables. Factor analysis is used to identify the significant factors that

explain most of the variance observed in a much larger number of variables. Factor Analysis

technique was applied to the selected six independent variables: Inflation, Forex reserves,

Balance of payment, GDP growth rate, Fiscal deficit, and IIP. The variables grouped into one

component are closely correlated among themselves, but not so closely correlated with

variables grouped into different components.

Factor analysis yields two components: Component 1 include factors like Fiscal deficit,

Inflation, IIP and Forex reserve and Component 2 include Balance of payment and GDP

growth. Component 1 contribute to the 53.154% of the variance while component 2

contributes for the 17.935% of the variance. Further KMO and Bartlett's Test gives the Eigen

value of .670 which proves the correctness of the research. We found out that Inflation, Fiscal

deficit, IIP and Forex reserve are important in explaining the change in FDI Inflows.

Further regression analysis establishes that GDP Growth, Forex Reserve & IIP have a strong

positive impact in attracting FDI inflows in India, whereas Balance of Payment (BOP), Fiscal


Deficit and Inflation have an adverse effect on FDI inflows. The result is in accordance with

the literature and previous research conducted.

The research concludes that FDI flow is not dependent on any single factor but it depends

upon myriad of factors. The FDI inflow has played key role in increasing the economic

development. The Indian government can use this research as a reference to form its policies

to attract FDI into India.

REFERENCES

Isabel Faeth, "Determinants Of Fdi In Australia: Which Theory Can Explain It Best?", The University Of Melbourne Department Of Economics.

Valerija Botric And Lorena Skuflic: "Main Determinants Of Foreign Direct Investment In

The South East European Countries", 2nd Euroframe Conference On Economic Policy Issues In The European Union.

Fabian Barthel, Matthias Busse, Robert Osei: "The Characteristics And Determinants Of Fdi In Ghana", Hwwi Research Programme World Economy.

Rabin Hattari1, Ramkishen S. Rajan2, And Shandre Thangavelu: "Understanding Intra-Asean Fdi Flows Trends And Determinants", Finance And Economics Department At University Of Technology Mauritius.

Rojid Sawkut, Seetanah Boopen, Ramessur-Seenarain Taruna & Sannassee Vinesh: "Determinants Of Fdi: Lessons From African Economies".

Shaukat Ali And Wei Guo::"Determinants Of Fdi In China", Journal Of Global Business And Technology, Volume 1, Number 2, Fall 2000.

Amitendu Palit Shounkie Nawani: "Technological Capability As A Determinant Of Fdi Inflows: Evidence From Developing Asia & India", Indian Council For Research On International Economic Relations.

Yuko Kinoshita And Nauro F. Campos:"Why Does Fdi Go Where It Goes?New Evidence From The Transition Economies", William Davidson Institute Working Paper Number 573.

James P. Walsh And Jiangyan Yu: "Determinants Of Foreign Direct Investment: A Sectoral And Institutional Approach", Imf Working Paper Asia Pacific Department.Dharmendra Dhakal: "Foreign Direct Investment And Economic Growth In Asia", Department Of Economics And Finance Tennessee State University.

FDI Determinants in India(Research Paper)

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