Foreign direct investment (FDI) into India from Cayman Islands and Cyprus contracted significantly during April-September this fiscal as the overall inflows declined by 24 per cent, according to the government data.
FDI from Cayman Islands dipped 75 per cent to USD 145 million during April-September from USD 582 million in the same period last fiscal, the data showed.
Similarly, inflows from Cyprus contracted by over 95 per cent to USD 35 million during the six-month period as against USD 764 million in April-September 2022-23.
Experts have attributed the sharp fall in FDI from Cyprus and Cayman Islands to a hightened scrutiny of applications.
Anjali Malhotra, Partner Regulatory, Nangia Andersen India said FDI inflows from other tax havens such as Singapore, and the UAE have also lost their sheen along with Cayman Islands and Cyprus during first half of 2023-24.
“…the recent decline in investment from Cayman Islands and Cyprus may be attributed to enhanced scrutiny of these …
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