Cayman Islands now India's 10th largest source of foreign direct investment

Inflows have gone up from tax havens; corporate tax dodging worries DPIIT

Famous offshore tax haven Cayman Islands is now the 10th largest source of Foreign Direct Investment (FDI) for India, leaving behind major nations like South Korea and the United Arab Emirates.

While inbound FDI from tax havens have risen over the past few years, estimates released by the DPIIT earlier this week show it spiked unprecedentedly in 2019-20.

Foreign direct equity investments in 2019-20 grew by 14 per cent, a four-year high, to a record $49.8 billion, according to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday.

The figures are expected to