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What Drives India’s Outward Foreign Direct Investment?
A Country-level Analysis
An augmented gravity model and panel econometric methodologies are used to investigate what drives India’s outward foreign direct investment. Both economic and non-economic factors influence such flows. Due to poor institutional frameworks in both the home and host countries, India’s overseas investments concentrate on tax havens such as Singapore, Mauritius, and the Netherlands. It also substitutes non-marketable loans and guarantees for marketable equities.
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