early 2000s, by a far more modest 47%. The comparison may not be entirely appropriate
because starting from a small base, proportionate increases appear larger. Even so, it is
revealing.
The stock of outward foreign direct investment from India increased rapidly from $124
million in 1990 to US$1859 million in 2000 and US$9569 million in 2005.
9
The share of India
in the total stock of outward foreign direct investment from developing countries rose from
0.08% in 1990 to 0.21% in 2000 and 0.75% in 2005.
10
It was a negligible proportion of India’s
GDPin1990;butthisproportionrosefrom0.4%in2000to1.2%in2005.
11
宇通客车公司战略成本管理体系的构建The stock of outward foreign direct investment from India multiplied by more than five
in a short span of 5 years. This was the outcome of a rapid expansion of outflows.
The average outflows of foreign direct investment from India, during the period 2001 –05,
were US$1443 million per annum. These constituted 2% of outflows of foreign direct
investment from developing countries in the same period. The magnitudes were very small
in the international context but were not insignificant for India. Such outflows were the
equivalent of 1% of gross fixed capital formation in India during 2001 –05.
12
The expansion of foreign direct investment from India has, in a sense, been led by
mergers and 本文来自辣,文'论-文·网原文请找腾讯752018766 as mergers and acquisitions, was US$1469 million
per annum. The share of India in total purchases by developing countries, reported as
cross-border mergers and acquisitions, was 3.2%.
13
The internationalization of firms from India is also reflected in the growing number with
foreign affiliates. The number of parent companies from India increased from 187 in the early
1990s to 1700 in the early 2000s, by a phenomenal 809%.
14
This massive proportionate
increase is attributable, in significant part, to the small base, but it is suggestive.
Some trends are discernible from the evidence presented above. There was a phenomenal
expansion in the outward foreign direct investment from developing countries during the
1990s, in both absolute and relative terms. In absolute terms, the expansion continued in the
early 2000s. However, the pace of expansion slowed down, so that the significance of
developing countries in outward foreign direct investment in the world economy diminished a
little. The story for India turns out to be somewhat different. There was a rapid expansion of
outward foreign direct investment from India during the 1990s in absolute terms; but the
magnitudes were negligible in a global context and very small even in comparison with
developing countries. The early 2000s provided a sharp contrast, as outward foreign direct
investment from India registered a phenomenal increase. This is discernible in the trends set
out above not only in absolute terms but also in relative terms.
Even so, it is important to recognize that India’s share in outward foreign direct
investment from developing countries is at best modest, whether we consider the stock, the
flows or the mergers and acquisitions. The number of parent companies is the only
indicator that suggests more than a modest significance for India. In this context, it is worth
pointing out that India does not feature in the top 15 developing countries and transition
economies in terms of the stock of outward foreign direct investment. This should come as
no surprise in 1980, 1990 or 2000; but India was not in the top 15 even in 2005.
15
3. Foreign Direct Investment from India
It is necessary to sketch a profile of foreign direct investment from India because there is
little systematic, let alone complete, information on the subject. The following discussion
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