Ahmedabad: Gujarat attracted foreign direct investment (FDI) worth $4,990.89 million (Rs 44,041.7 crore) between April and December 2025, ranking third highest nationally, according to data from the Department for Promotion of Industry and Internal Trade (DPIIT).
The state trailed Maharashtra and Karnataka in FDI inflows during the nine-month period. Even as Gujarat regained its spot among the top five states after a dip in the April-September 2025 period, its share in total FDI inflows into India has fallen.
Decline in FDI Inflows
According to DPIIT data, FDI inflows into Gujarat declined by 19.3% year-on-year compared to $5,565.53 million (Rs 46,687.04 crore) in the corresponding period last year. This drop pushed Gujarat from the second position in April-December 2024 to third place nationally in 2025.
In the previous year, the state accounted for 13.7% of India's total FDI inflows, but its share fell to 10.4% in the same period of 2025, indicating increased competition from other states.
Top Performing States
Maharashtra retained its lead with inflows of $15,387.46 million, followed by Karnataka at $11,159.09 million. After Gujarat, Tamil Nadu ($3,890.65 million) and Haryana ($3,844.48 million) completed the top five.
Key Sectors Driving Investment
Pathik Patwari, chairperson of the Indian Chamber of Commerce (ICC) Gujarat chapter, said, "Sectors such as renewable energy and semiconductors have attracted fresh investments, while pharma players continue to expand their presence. Both traditional and sunrise sectors are performing well, with data centre businesses also gaining strong traction."
He noted that GIFT City has been a significant catalyst in drawing investments into the state. "Gujarat has demonstrated a strong rebound, supported by proactive government policies that continue to attract capital at scale. With sustained momentum in semiconductors, green energy, data centres, pharma and defence, Gujarat has the potential to reclaim the top position in FDI inflows."
Ahmedabad Dominates Investment
Within Gujarat, Ahmedabad continued to dominate as the primary investment hub, attracting $2,631.40 million, which is more than half of the state's total inflows. Gandhinagar was a distant second with $66 million.
The data underscores Gujarat's resilience and the role of key sectors and policy initiatives in maintaining its position among India's top FDI destinations.
