Maharashtra leads India’s FDI equity gains since 2019, West Bengal trails: Data

New Delhi, July 25 Led by Maharashtra, India has secured over $282 billion in FDI equity since 2019, while West Bengal trails at just $1.9 billion, according to the data, shared by Infoindata on its X social media handle on Friday.

“Maharashtra leads with $88.7 billion, while West Bengal trails at just $1.9 billion, reflecting how governance uncertainties and an unfavourable business climate have kept investors away from the state,” said Infoindata.

According to Chief Minister Devendra Fadnavis, Maharashtra is leading the way. Quoting a research paper by Morgan Stanley, he said the state is set to achieve the $1 trillion economy mark by 2030 nearly doubling from its current $536 billion, the highest among Indian states and equivalent to Singapore’s economy.

According to the report, Maharashtra is India’s top FDI recipient, attracting $19.6 billion in FY25, accounting for 39.2 per cent of India’s total FDI inflow. The state is India’s second-largest exporter after Gujarat, with a 15.4 per cent share of national exports in FY24, contributing 13.7 per cent to its GDP. Key exports include jewellery, electronics, chemicals, engineering machinery, and pharmaceuticals.

Meanwhile, India ranked 16th globally in FDI inflows and recorded $114 billion in greenfield investment in digital economy sectors over the last five years (2020-2024), the highest among all countries in the Global South, according to a recent RBI bulletin.

Non-Resident Indian (NRI) deposits rose to $165.43 billion during April this year, up from $164.68 billion in the same month of the previous year. Foreign Currency Non-Resident Bank (FCNR(B)) deposits rose 9 per cent year-on-year in April 2025, with outstanding balances increasing to $33.08 billion from $30.26 billion in April 2024, according to reports.

The build-up in forex reserves also helped to strengthen the rupee and reflects a strong external balance position.

Moreover, according to Infoindata, in the last decade, India has built over 1.1 lakh km of national highways, marking an unprecedented scale of infrastructure expansion that has improved connectivity, accelerated regional development, and reshaped the country’s economic landscape across states.

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