| Type | Research presentation (policy meeting) |
| Event | 2nd Research Meeting of the NIPFP-DEA Programme |
| Organized by | NIPFP & Department of Economic Affairs, Ministry of Finance |
| Location | India Habitat Centre, New Delhi |
| Date | March 28, 2008 |
| Slides | Download the presentation (PDF) |
A research presentation at the 2nd Research Meeting of the NIPFP-DEA Programme, India Habitat Centre, New Delhi (March 28, 2008).
In short: The story of how India’s outward investment grew from a handful of pioneering ventures in the 1960s into a major global force — told in two distinct waves, before and after the 1991 reforms.
About the lecture
Presented to a research meeting of the Finance Ministry’s NIPFP-DEA programme, this talk traced the evolution of India’s outward foreign direct investment (OFDI) from its modest origins to its emergence as a significant source of global investment, and drew out the implications for economic development and policy.
What the lecture covered
- Pioneering beginnings — India’s OFDI originated in the 1960s with early ventures by groups such as Birla and Shriram.
- Two distinct waves — a pre-1991 “First Wave” and a post-1991 “Second Wave,” with outward investment growing dramatically over the decades to become substantial by the mid-2000s.
- Changing character — a geographic shift from developing toward developed markets, a sectoral move from manufacturing dominance to a diversified portfolio, and a shift from minority joint ventures to controlling stakes and acquisitions.
- First Wave vs Second Wave — from market-seeking, manufacturing-focused, limited-ownership investment toward globally-oriented, diversified, strategic-asset-seeking investment with greater ownership control.
Get the slides
The full presentation is available as a PDF:
⇩ Download the presentation (PDF)
Related research on this site
This presentation draws on the author’s published work on India’s outward FDI:
- India Goes Global: The Rise and Evolution of Indian Multinational Enterprises — on the evolution of Indian OFDI and multinationals.