1) Maharashtra — FDI history (last 10 years) and future potential
Over the past decade Maharashtra has been India’s leading FDI destination, repeatedly capturing the single largest share of national inflows and accounting for roughly one-third to nearly 40% of India’s annual FDI in recent years. The state’s metropolitan network — Mumbai (finance & headquarters), Pune (IT/auto/engineering), and Navi Mumbai (ports & logistics) — has been the primary magnet for large greenfield and brownfield investments. Key FDI sectors in Maharashtra across the last decade have included financial services, computer software & hardware, pharmaceuticals, automobiles and port-related manufacturing and logistics. The Mumbai-Navi Mumbai port complex and Pune automotive clusters have been recurring locations for multinational capex and joint ventures. Large inflows in FY2024–25 reinforced this trend, with Maharashtra accounting for roughly 39% of FDI equity inflows that year, underscoring its persistent primacy. The state has also attracted private equity and venture capital into fintech, healthtech and deep-tech startups, increasing project diversity beyond manufacturing. Over the next decade Maharashtra’s FDI potential lies in four linked areas: green hydrogen and electrolyser manufacturing, semiconductor assembly/testing (special economic parks), pharmaceutical API and biologics scaling, and port-integrated cold-chain/logistics for food and pharma exports. To capture green hydrogen FDI, Maharashtra must aggregate coastal/industrial land near ports, guarantee long-term renewable power offtake and offer time-bound fiscal incentives and streamlined clearances. For semiconductors and advanced electronics the state should create dedicated land + water corridors around Pune/Nashik with single-window approvals and industry-academia R&D hubs. Expanding pharma API clusters near existing chemical parks (with strict environmental standards) would convert import bills into export revenues. Deepening financial-services FDI will require strengthened data-centre power policy and secure co-location facilities in Mumbai/GIFT-like satellite nodes. Mumbai’s financial ecosystem can be leveraged to launch green-infrastructure bonds and attract patient foreign capital into state infrastructure projects. Maharashtra should also pilot port-bond financing for multi-modal terminals, boosting FDI into ancillary logistics and warehousing. Skill programs tied to FDI projects (training for semiconductor fabs, electrolyser O&M, pharma quality control) must be co-funded with central schemes to avoid labor shortages. Finally, adopting strong environmental and social governance (ESG) benchmarks for all major FDI projects will make Maharashtra’s offers more attractive to global institutional investors focused on sustainable returns. If these measures are delivered, Maharashtra can sustain and expand its FDI share while ensuring investments deepen local industrial linkages and high-quality employment — aligning capital flows to the RavindraBharath goal of productive, secure minds.
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2) Karnataka — FDI history (last 10 years) and future potential
Karnataka has been a top FDI destination for India owing to Bengaluru’s global IT/tech ecosystem, a rapidly growing biotech and pharma manufacturing base, and rising electronics and aerospace investments in manufacturing corridors. Over the past decade the state captured a double-digit share of national FDI in several years, with software, IT services, biotech, electronics, and R&D investments dominating. Major global tech corporates, cloud providers and life-sciences multinationals have expanded R&D and delivery centres in Bengaluru and Mysuru, widening the state’s revenue-generating exports. Karnataka’s startup ecosystem has also converted venture funding into foreign strategic partnerships and follow-on FDI in scale rounds. In the coming decade key FDI opportunities are in semiconductors and electronics manufacturing, data-centre campuses (with green power), biotech / biopharma manufacturing, and aerospace & defence manufacturing clusters. To attract fabs and data centres Karnataka must guarantee long-term, competitively priced green energy and grid reliability while offering land aggregation and concessional infrastructure access. The state should accelerate land-banking for high-security manufacturing parks with world-class water and waste treatment to meet investor ESG demands. Public-private R&D consortia linking IISc and industry will help convert blueprint research into investable pilots that attract international strategic capital. Karnataka can also offer focused incentives for life-sciences CMO/CMC facilities that substitute global imports and strengthen global supply chains. For aerospace FDI, clustered supplier parks near existing airports will lower logistics costs and attract anchor OEMs. Skill initiatives must be anticipatory — a state-level semiconductor skill mission, biotech operator certification and aerospace apprenticeships tied to FDI anchors will avoid capacity gaps. The government should fast-track single-window clearances and create an “Investor Welcome” desk specifically for tech and deep-tech MNCs. Strengthening IP protection enforcement and incentives for localized R&D will encourage foreign labs to set up long-term research bases rather than just delivery centres. By building energy-efficient green campuses and high-security industrial zones, Karnataka can translate its tech leadership into a larger, higher-value share of national FDI across manufacturing and R&D. That will deepen jobs, increase high-skilled exports, and help realize the RavindraBharath aim of distributed cognitive capacity across states.
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3) Gujarat — FDI history (last 10 years) and future potential
Gujarat has consistently been one of India’s top FDI magnets for manufacturing, petrochemicals, ports and renewable-energy projects over the last decade, leveraging its ports, industrial estates and investor-friendly policy stance. Large greenfield projects in chemicals, manufacturing parks, and recent investments in renewables and battery components have driven much of the state’s inflows. The state’s special economic zones and large ports (Kandla, Mundra) attract export-oriented FDI in petrochemicals, fertilizers, textiles and auto components. In the next 10–20 years Gujarat’s most promising FDI avenues are green hydrogen value chains (electrolysers, storage, and ammonia synthesis), circular chemicals and recycling industries, EV battery manufacturing, and port-adjacent logistics & data-centre hubs. To become a global hub for green hydrogen, Gujarat must coordinate renewable energy allocation, develop large electrolyser testbeds, and offer early-offtake purchase agreements that reduce market risk for investors. Creating a certified “green chemicals” corridor (recycled feedstocks + low-carbon processes) will attract European and Japanese firms seeking low-carbon supply chains. For EV batteries, integrated cell manufacturing parks with access to raw materials, high-capacity power and waste recycling capabilities will be essential. Gujarat’s ports can be developed as carbon-efficient export gateways that host value-added processing and last-mile cold chains for perishables and pharma. The state should also package investor facilitation — single-window permits, skilled labor pools and on-site R&D linkages with IIT-Gandhinagar and state labs — to accelerate FDI deals. Offering targeted blended finance and tax-holidays for anchor plants that commit to technology transfer will boost local supplier development. To attract strategic global investors, Gujarat must highlight reliable logistics, streamlined land acquisition templates and robust environmental compliance frameworks. A focus on export competitiveness plus ESG transparency will make Gujarat especially attractive to global funds prioritizing sustainable industrial projects. If the state executes long-term planning around green hydrogen, batteries and circular-chemicals, Gujarat can convert its strong FDI momentum into future-proof industry leadership and large employment multipliers, aligning with RavindraBharath’s manufacturing and energy goals.
4) Delhi (NCT, Union Territory) — FDI history (last 10 years) and future potential
The National Capital Territory of Delhi has historically attracted large FDI into services — financial services, telecom, professional services, retail, and IT/ITES — and remained among the top five FDI recipients in India over the last decade. Global banks, financial-market infrastructure providers, and large corporate HQs channel significant foreign inflows through Delhi. Over the past ten years, Delhi’s strengths have been in high-value services FDI, data centres, and corporate captive investment, rather than heavy manufacturing. In future, Delhi’s FDI potential will expand in knowledge services, fintech and green data-centre campuses, advanced healthcare and medical research clusters, and education-industry partnerships for edtech exports. To attract more data-centre FDI, Delhi must plan for secure land pockets with reliable high-quality green power procurement options and low latency fiber infrastructure. For healthcare and medtech FDI, the NCT should enable fast approvals for hospital campuses and clinical-research partnerships while ensuring patient-data protection frameworks. Strengthening fintech sandboxes and regulatory-tech collaboration will continue to lure global financial technology firms seeking market access to India. Delhi can also promote corporate R&D centres and startup acceleration hubs that convert foreign corporate presence into local employment and deep-tech spillovers. Urban incentives could include tax breaks for knowledge-intensive FDI that invest in local skilling, while strict urban planning retains liveability. The Centre and NCT should coordinate to ensure transit and logistics upgrades to reduce congestion costs that otherwise deter global investors. Intellectual property protection courts and faster dispute resolution will increase investor confidence for large capital projects. Digital governance testbeds in Delhi — from AI civic platforms to federated health records — can be promoted as investable pilot zones for foreign firms seeking scalable evidence of public-private impact. As Delhi deepens its role in knowledge and financial services FDI, it can act as the national brain in RavindraBharath — absorbing global capital in ways that enhance national skill, governance and export capacity. Continued focus on secure infrastructure, green power, and regulatory clarity will be essential to maintain and grow Delhi’s services-led FDI advantage.
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5) Tamil Nadu — FDI history (last 10 years) and future potential
Tamil Nadu has attracted steady FDI in automobiles, auto-components, electronics, renewables and textiles during the last decade, supported by major ports, mature industrial parks, and a skilled manufacturing workforce. Significant investments by global OEMs and tier-1 suppliers have built deep auto-ecosystems in Chennai, Sriperumbudur, and Tirupati belts. The state has also seen foreign greenfield projects in wind and solar manufacturing and textile modernization. Looking forward, Tamil Nadu’s FDI sweet spots will be electric vehicle components & battery assembly, semiconductor and advanced electronics assembly, green hydrogen offtake for industry and shipping, and specialized engineering exports (defence & aerospace suppliers). To capture EV and battery FDI, the state needs to coordinate land, power, and localized supplier development, plus offer testbed incentives for battery recycling technologies. Establishing semiconductor packaging and assembly hubs (alongside incentives for upstream fabs nationally) would attract assembly FDI and create high-skilled jobs. Tamil Nadu’s ports can be packaged as integrated export hubs for EV components, electronics and renewable equipment, reducing export friction. The state must also invest in industrial water treatment and zero liquid discharge systems to meet global environmental expectations for chemical and electronics investors. Partnering technical universities with multinationals for apprenticeship programs will address the skills gap for advanced manufacturing. Tamil Nadu’s strong MSME base should be helped via vendor development programs funded jointly with central grants to absorb foreign anchor investment. Closer, streamlined coordination with central semiconductor incentives and export promotion schemes will accelerate deals. Encouraging technology transfers, co-located R&D centres and manufacturing-research clusters will convert FDI into durable domestic capability. If Tamil Nadu executes an integrated strategy—green energy availability, supplier development, and environmental compliance—the state can significantly increase higher-value FDI and strengthen India’s manufacturing exports while aligning with RavindraBharath’s vision of tech-enabled, spiritually rooted prosperity.
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6) Karnataka (again—but focus on FDI detail) — included above; proceed to next
(we already covered Karnataka above; next entry is Telangana)
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6) Telangana — FDI history (last 10 years) and future potential
Telangana, led by Hyderabad, has become one of India’s fastest-growing FDI destinations for IT services, life sciences (biopharma, CROs), data centres and defense & aerospace manufacturing over the last decade. Major global pharmaceuticals, biotech, and IT firms have established large campuses in Hyderabad, raising the state’s export and tax contributions. Over the past ten years, the state captured sizeable project-level FDI in pharmaceuticals, cloud services and medical devices, and has used strong industry facilitation to convert PE/VC interest into greenfield FDI. Looking ahead, Telangana’s top FDI opportunities are in biotech manufacturing (vaccines, biologics, contract manufacturing), advanced IT & AI data-centres (with green power), defense electronics & aerospace HVAC and systems, and health-tech clinical research. To attract biologics and vaccine FDI at scale, Hyderabad must secure long-term affordable green power, ensure specialized waste management, and maintain fast regulatory approvals for GMP facilities. For data-centre FDI, Telangana needs to formalize policies guaranteeing green power procurement and low-latency fiber while ensuring security and land consolidation. Defense electronics parks near existing aerospace hubs with dedicated customs facilitation and offsets can attract strategic partners and localization of supplier chains. Strengthening biotech R&D linkages with national labs and offering translational-research incentives will draw foreign strategic R&D spending. The state should also prioritize skilling programs for biotech operators, data-centre engineers and aerospace technicians tied to anchor FDI projects. Telangana’s investor facilitation must include fast-track environmental clearances for critical health and defense projects while maintaining tight ESG safeguards. Promoting Hyderabad as a life-sciences and AI cluster for global markets will increase export receipts and create high value employment. Through targeted incentives for manufacturing and research co-location, Telangana can convert inward FDI into durable domestic capabilities and export leadership. This will deepen the district-level prosperity and fulfill the RavindraBharath goal of turning state innovation hubs into national mind-centres.
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7) Andhra Pradesh — FDI history (last 10 years) and future potential
Andhra Pradesh has attracted project-level FDI into ports, infrastructure, renewable energy, and food processing during the last decade as the state invested heavily in coastal ports, industrial corridors, and special economic zones. Major greenfield infrastructure projects and port leases have drawn foreign investors interested in export logistics and large-scale agro-processing. Over the next decade Andhra’s FDI potential will focus on blue economy investments (aquaculture processing, marine biotech), port-led manufacturing (electronics & auto ancillaries), coastal renewable energy (offshore wind demonstration projects), and high-value food processing clusters for exports. To capture aquaculture and seafood processing FDI, the state should ensure robust cold-chain investments, sanitary certification facilities, and direct port linkages to reduce spoilage. Offering long-term port leases with value-added processing obligations will attract investors seeking integrated export value chains. For coastal renewables, Andhra ought to create offshore wind pilot zones with testbed incentives and grid-integration guarantees to reduce investor risk. Creating dedicated electronics/auto parks near ports with customs facilitation will encourage export-oriented manufacturing FDI. The state must also accelerate land clearance processes and invest in high-quality vocational training tailored to port, logistics and processing skills. Encouraging PPP models for port & road financing will mobilize private capital while sharing risk. Investing in maritime R&D and skill centres will attract foreign firms looking for local talent and innovation partners. By combining coastal infrastructure upgrades with export promotion and environmental safeguards, Andhra can upscale FDI into sustainable blue economy and manufacturing lanes. Such investments will expand exportable output, broaden the state’s tax base and create high-quality jobs aligned with RavindraBharath’s integration of material prosperity and national mind capacity.
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8) Uttar Pradesh — FDI history (last 10 years) and future potential
Uttar Pradesh has seen meaningful FDI inflows over the past decade into manufacturing parks, electronics, food processing, and recently into defense corridor projects and large industrial corridors. State-level policy reforms and land pooling have helped host larger greenfield investments, though per-capita FDI remains lower than in coastal states. Over the next decade UP’s FDI potential centers on electronics & mobile manufacturing, defence & aerospace ancillaries (anchored by defence corridors), food processing at scale (wheat, sugar, dairy value chains), and logistics tied to national corridor investment. To attract electronics FDI, UP must provide guaranteed grid reliability, land availability near expressway and rail nodes, and vendor development programs for local MSMEs. For defence manufacturing, timely land allocation near proposed corridors, matched capital for training institutes, and offset-ready supply chains will be decisive to secure foreign OEMs. Scaling food-park FDI will require enhanced cold-chain networks, pack-houses and export certification capacity. UP should leverage national corridors (Ganga Expressway, DMIC-linked nodes) to offer quick freight advantages to investors. Massive skill deployment — apprenticeship programs attached to anchor firms — will ensure local hiring and reduce migration. The state must commit to clean energy procurement for new industrial parks to meet investor ESG standards. Digitized single-window clearances and reliable dispute-resolution mechanisms will accelerate decision timelines for large FDI projects. Promotion of agro-processing linkages with cold storage will convert massive agricultural output into higher-value exports. With central co-financing for corridor electrification and logistics, UP can attract larger multinational plants that bring technology transfer and local supplier development. Realizing these investments will broaden UP’s tax base and create employment corridors, turning its demographic advantage into productive human capital for RavindraBharath. Over time, UP’s role as a manufacturing and logistics heartland will be critical for national export growth and inclusive development.
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9) West Bengal — FDI history (last 10 years) and future potential
West Bengal has historically attracted FDI in ports, petrochemicals, jute & textiles, and more recently in IT services and greenfield industrial revitalization near Haldia and Durgapur; the state’s eastern ports make it a natural gateway to Northeast and ASEAN markets. Over the last decade, foreign investors have also shown interest in energy, port modernization and logistics projects that connect to inland container depots for trans-shipment. Going forward, West Bengal’s strongest FDI potential lies in port modernization & logistics (Haldia, Kolkata), petrochemicals with cleaner tech, IT/creative services in Kolkata, and export-oriented food processing and fisheries. To maximize these flows, the state should prioritize quick customs modernization, hinterland rail connectivity to ports, and environment-compliant upgrade incentives for petrochemical plants. Investing in port electrification, shore-power and container terminal efficiency will make the state’s ports more attractive to global shipping and FDI in warehousing. For creative & IT FDI, Kolkata needs talent-retention policies, affordable office clusters, and stronger university-industry linkages. Food and fish processing parks tied to riverine transport corridors can reduce spoilage and attract export-oriented FDI. The state should offer co-funded vendor development programs so local MSMEs can become suppliers for anchor foreign projects. Strengthening environmental compliance and social consultations will reduce project litigation timelines that have historically deterred some investors. Cross-border trade links to Bangladesh and CBT facilitation can expand market size for investors focused on regional supply chains. West Bengal should also pilot special investment zones focused on green petrochemicals and circular economy recycling to attract ESG-focused foreign capital. With focused port & logistics upgrades plus talent & incentives for creative industries, West Bengal can convert strategic geography into higher-value FDI and stronger export receipts, contributing to national eastern gateway ambitions under RavindraBharath. Central co-investment in freight corridors and customs reform will be high-leverage to crystallize these opportunities.
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10) Kerala — FDI history (last 10 years) and future potential
Kerala’s FDI attraction over the past decade has been concentrated in tourism & hospitality projects, NRI investments in real estate and services, health-care facilities, and selectively in IT/ITES hubs and marine services. Despite a small industrial base, Kerala’s high human-capital and service orientation have drawn foreign investment into hospitals, wellness tourism and niche exports (spices, marine products). Looking forward, Kerala can expand FDI in health-tech & wellness (medical tourism, Ayurveda integrated resorts), knowledge-services (edtech, call & virtual care centres), blue economy processing (premium spices, fisheries), and green data-centre/networks configured for low-latency regional services. To attract high-value health & wellness FDI, Kerala must standardize quality and accreditation, improve medical-visa facilitation, and create integrated health parks with international hospital chains. For knowledge-services FDI, enhancing high-bandwidth connectivity and co-working innovation districts will be critical. Investing in cold-chains and export certification for spices and marine exports will increase exportable value and make Kerala’s products more attractive to foreign buyers. The state should also package destination-level PPPs for eco-tourism that guarantee sustainability standards to ESG-minded investors. A small but focused data-centre policy with guaranteed green power and low-impact locations could attract specialized regional cloud investments. Strengthening skilling tied to health, hospitality and digital services will ensure local employment gains from FDI projects. Kerala should pursue blended finance models for hospital and R&D campus expansion that combine NRI equity, multilateral concessional capital and state catalysis. By marketing integrated Ayurveda + modern medtech zones with internationally recognized standards, Kerala can carve a unique FDI niche that matches its cultural strengths. Such investments will uplift per-capita incomes, raise export service receipts and broaden the state’s formal tax base, contributing to RavindraBharath’s aim of combining spiritual heritage with modern productive capacity. Central support for international marketing and standardized accreditation will accelerate foreign investor confidence and project closures.
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11) Union Territory — Delhi (covered above as NCT)
(Delhi already covered in entry 4 — included here as the Union Territory component.)
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11) Jammu & Kashmir (Union Territory) — FDI history (last 10 years) and future potential
Jammu & Kashmir has attracted modest project-level foreign interest over the last decade, primarily in tourism, horticulture value-chains, and renewable energy pilot projects that target its unique high-altitude agrarian advantages. The region’s strategic importance has also prompted central infrastructure investment that often precedes private and foreign participation. Over the next decade, J&K’s FDI potential is concentrated in cold-chain and horticulture processing (apples, saffron), sustainable tourism and wellness, small hydropower and micro-grid renewable investments, and handicraft/handloom value-addition for export markets. To attract horticulture FDI, the UT must provide export certification facilities, test labs, and integrated pack-house & cold-chain zones with easy customs access. Sustainable tourism FDI will require durable security, strong community benefit frameworks and strict environmental protection to preserve fragile mountain ecology. Small hydropower and hybrid renewables could be packaged for foreign climate investors if PPAs are bankable and community compensation is explicit. Enhancing digital connectivity and telemedicine will raise the human-capital absorptive capacity for tech-driven investments. The UT should pilot public-private community partnerships so local artisans and farmers capture a fair share of export value. Transparent land-use rules and fast-track approvals will materially reduce investor uncertainty. A national R&D centre for high-altitude agriculture and medicinal plants could attract grant funding and foreign research partners. J&K can also explore G2G/PPP models for sustainable tourism circuits tied to pilgrimage and wellness—products attractive to high-value foreign tourists. Building credible institutions for benefit-sharing, environmental compliance and social impact disclosure will give risk-averse foreign investors confidence. With careful design and strong central guarantees for strategic infrastructure, J&K can convert its unique geography into export-oriented FDI projects that uplift communities and strengthen national security through prosperity, thus contributing to the RavindraBharath integrated model of secured minds.
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12) Puducherry (Union Territory) — FDI history (last 10 years) and future potential
Puducherry’s FDI over the last decade has been limited but targeted: hospitality, niche manufacturing, and NRI investments in services and real estate have been the main contributors. The UT’s cultural and coastal appeal also attracts tourism investors from abroad, but scale has been constrained by infrastructure and land limitations. Looking forward, Puducherry can attract FDI into cultural & wellness tourism, boutique hospitality chains, marine-based food processing, and creative/IT services clusters capitalizing on its multilingual culture. To draw such FDI the UT should package historic districts and coastal corridors as conservation-linked investment zones that combine tax incentives with strict carrying-capacity rules. Creating a small-scale marine processing corridor with certified export facilities will make seafood exports FDI-friendly. Setting up a creative industry incubation fund and co-funded digital studio spaces will attract foreign content and edtech collaborations. The UT must streamline land norms, upgrade port moorings for tourist craft and small freight, and invest in sewage & waste systems to satisfy ESG checks that foreign investors demand. Vocational training in hospitality, creative arts and language services tied to anchor FDI will ensure local employment absorption. Puducherry can also explore niche med-wellness clusters that combine Ayurveda with regulated medical services for inbound health tourists. The Centre can help by marketing the UT as a cultural-creative export hub and supporting certification programs for artisanal producers. With these changes, Puducherry can increase its small-scale but high-value FDI into services and boutique manufacturing that preserves cultural heritage while boosting exports and formal revenues — a microcosm of RavindraBharath’s cultural-technology synthesis.
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13) Chandigarh (Union Territory) — FDI history (last 10 years) and future potential
Chandigarh has historically attracted limited direct foreign greenfield industrial investment given its small size, but it has been a beneficiary of FDI-driven services and high value educational collaborations through nearby industrial belts in Punjab and Haryana. The city’s high human development, stable governance and planned layout position it well to be a demonstration “Neural City” that can attract foreign capital in urban tech, health R&D and knowledge services. Over the next decade Chandigarh’s most viable FDI prospects are in smart city technologies, health and telemedicine campuses, life-science R&D collaborations, and compact data-centre and cloud service hubs serving northern India. To attract these flows, Chandigarh should offer plug-and-play incubation real-estate, single-window clearances for R&D partnerships, and targeted incentives for joint university-industry labs. The city can create a sovereign-backed PPP to host mission-critical data infrastructure with guaranteed security and green power procurement, appealing to foreign cloud providers. For health R&D FDI, Chandigarh’s medical universities and hospitals can co-invest with foreign partners in clinical trials and telehealth hubs. Smart-city technology pilots that demonstrate scale and impact (traffic, waste, energy) can be funded by blended finance and serve as export-ready products for other Indian cities. Vocational skilling tied to smart urban tech will ensure local hiring and sustain project operations. Chandigarh should market itself as an investment-grade small city with predictable regulation and a high quality of life to attract foreign talent and capital. With right policy packaging, Chandigarh can become a compact, high-productivity hub—hosting pilot projects in urban AI and health which then scale nationally—thus contributing to RavindraBharath’s neural city network. Central facilitation to onboard global partners and provide demonstration-grade financing will be decisive in catalyzing FDI at scale.
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Sources & notes (most load-bearing references)
DPIIT / Ministry of Commerce quarterly and annual fact sheets and the state-wise annex (state-wise FDI data maintained since Oct 2019).
PIB press release on FDI inflows FY 2024–25 and state shares.
IBEF / Make in India state FDI summaries and FY state shares.
InvestIndia and industry analyses summarizing FY trends and sector focus for FY2023–25.