The States Behind India’s Record FDI Surge in 2024-25

Foreign Direct Investment (FDI) remains one of the strongest drivers of India’s growth story, bankrolling innovation, job creation, and infrastructure expansion across the states. 

According to the latest factsheet by the Department for Promotion of Industry and Internal Trade (DPIIT) in June 2025, India recorded significant inflows in FY 2024-25, with a few states leading by clear margins. 

Maharashtra and Karnataka together bagged more than half of the country’s FDI, while Gujarat, Delhi-NCR, and Tamil Nadu further cemented their positions as investor favourites. Rising stars like Rajasthan and Telangana also demonstrated strong momentum, reflecting India’s expanding investment map beyond traditional hubs.

Here’s a breakdown of the top 10 Indian states and union territories that attracted the highest FDI equity inflows during the financial year 2024-25. The percentage share for each state is based on cumulative equity inflows from April 2024 to March 2025, during which India attracted a remarkable FDI of ₹4,21,929 crore.

Maharashtra

Maharashtra held its position as the leading destination for FDI, driven by the robust economic activities in Mumbai’s financial hub and the thriving manufacturing and IT clusters in Pune, which together create a conducive environment for investment and growth. It gathered ₹1,64,875 crore in FDI and accounted for 39.07% of the total FDI that year. 

Karnataka

Karnataka attracted a remarkable ₹56,030 crore in FDI, accounting for 13.2% of the cumulative FDI in the country. This impressive figure underscores Bengaluru’s dominance as a hub for technology, Global Capability Centres (GCCs), and deep-tech innovation, solidifying the state's position as a leading investment destination.

Delhi NCR

Delhi, including the National Capital Region (NCR), reached ₹51,540 crore in FDI, accounting for 12.21% of the total FDI inflows. This robust investment landscape is largely fueled by strong performances in the services sector, telecommunications, and e-commerce, further establishing NCR as a key destination for foreign investors seeking opportunities in these industries.

Gujarat

In the fiscal year 2024–25, FDI in Gujarat reached ₹47,947 crore, accounting for an impressive 11.3% of the nation's compiled FDI. The state's industrial corridors, coupled with its robust petrochemical sector and well-developed port-led infrastructure, continue to attract substantial interest from global investors, reinforcing Gujarat's reputation as a pivotal hub for investment and economic growth.

Tamil Nadu

Tamil Nadu obtained ₹31,103 crore through FDIs, accounting for 7.37% of the cumulative FDI in the country. This notable investment underscores the state's growing prominence as a key hub for electronics and auto manufacturing, significantly bolstering Tamil Nadu's economic position on the national stage.

Haryana

Haryana has attracted a significant FDI amounting to ₹26,600 crore, accounting for 6.3% of the total FDI. This equity influx can be largely attributed to the robust growth of Gurgaon’s IT/ITES sector and the thriving automotive supply chain, both of which have played crucial roles in enhancing the state’s appeal to foreign investors.

Telangana

Foreign Direct Investments in Hyderabad reached ₹25,351 crore, marking a robust 6% share of the cumulative FDI influx. This impressive figure underscores Hyderabad's continued ascent as a global centre for life sciences, pharmaceuticals, and information technology.

Uttar Pradesh

Last on the list, Uttar Pradesh attracted a notable FDI amounting to ₹3,700 crore, accounting for 0.87% of the compiled FDI in the country. This surge in investment is largely driven by the burgeoning electronics manufacturing sector in regions like Noida and Greater Noida, reflecting the state's increasing appeal as a key destination for international investors.

Rajasthan

Rajasthan has surprisingly emerged as a key player in attracting FDI, securing ₹3,170 crore, which constitutes 0.75% of the total FDI inflow. This notable achievement can be attributed to the state's strategic focus on renewable energy investments and the development of industrial projects, positioning it as a favourable destination for investors seeking opportunities in these growing sectors.

Jharkhand

Jharkhand attracted FDIs worth ₹61 crore, accounting for 0.01% of the combined FDI inflows. This performance underscores the state's significant potential, particularly in the realm of natural resource-driven investments, which have positioned Jharkhand among the top 10 states in the country for foreign investment.