Gujarat among top 3 States that attract FDI; Japan largest contributor in last two years

Gandhinagar: According to official data, Gujarat attracted Foreign Direct Investment(FDI) worth $ 3.36 billion in financial year 2016-17 which was 50% higher than 2015-16( $ 2.24 billion) and almost 4 times higher than 2013-14 when FDI inflows in Gujarat stood at $860 million. Gujarat has overtaken Karnataka and Tamil Nadu in last two years when it comes to FDI. Gujarat is now among the top three states in India in terms of attracting FDI. Automobile is the sector which received largest share of FDI. Suzuki has invested Rs 3,000 crore in its car plant in Mehsana while Honda Motorcycle and Scooter India invested Rs 1,100 crore for its world’s largest scooter only manufacturing plant at Vithlapur. Taiwan’s Maxxis invested Rs 2600 crore for a tyre manufacturing plant. Japan has been the largest contributor to FDI in Gujarat in the past couple of years which is pegged at $ 1 billion so far and it is expected to tripe to $ 3 billion by 2020. Otsuka Pharma, Kansai Nerolac and Toyoda Gosei Minda are some of other major investors in Gujarat.