PM Modi interacts with world leaders on G20 Summit sidelines
In this context, PM Modi welcomed the initiative of President Macron to organise the forthcoming AI Action Summit in France.
India-focussed offshore funds received a net inflow of $573 million in October, taking the total to nearly $5 billion in 2017, indicating that the country remains an attractive destination for overseas investors.
In comparison, these funds had registered an infusion of $256 million in October last year, according to a report by Morningstar.
Offshore India fund – not domiciled in India – receives flow from overseas investors and in turn, invests the money in Indian markets.
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India-focussed offshore funds and Exchange Traded Funds (ETFs) are a subset of the overall foreign portfolio investor (FPI) flows.
According to the report, India-focussed offshore funds have seen an investment of $573 million last month, while those of ETFs witnessed a pullout of $31 million, translating into a total of $542 million.
Flows into offshore funds are generally considered to be long-term in nature, whereas flows into ETFs indicate predominantly short-term money.
“The net inflow into offshore funds compared with the net outflow from offshore ETFs suggest that, despite concerns, foreign investors continue to view India as a long-term investment destination and their confidence on Indian markets and the country’s economic prospects has not withered.
“It’s also apparent that it is mostly the short-term money that is moving out of the Indian markets,” Morningstar India Senior Analyst Manager Research Himanshu Srivastava said.
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