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Abstract
Just over a year ago, India's outward foreign direct investment (OFDI) seemed to be on a path of rapid and sustained growth. Its average annual growth of 98% between 2004 and 2007 was unprecedented, far ahead of that of other emerging markets like China (74%), Malaysia (70%), Russia (53%), and the Republic of Korea (51%), albeit from a much lower base. However, much of the recent growth in India's OFDI has been fuelled by large-scale overseas acquisitions, and it faltered when the global financial crisis that started in late 2007 made financing acquisitions harder.
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Jaya Prakash Pradhan
Dr. Jaya Prakash Pradhan works as an Associate Professor at India's Sardar Patel Institute of Economic and Social Research. Previously, he was a faculty member at the country's Institute for Studies in Industrial Development and Gujarat Institute of Development Research. He has been involved in research projects sponsored by the Department of Scientific and Industrial Research of the Indian Ministry of Science and Technology, as well as by the United Nations Conference on Trade and Development (UNCTAD) in Geneva, Switzerland.