Ahmedabad: Ranking third highest nationally, Gujarat attracted foreign direct investment (FDI) worth $4,990.89 million (Rs 44,041.7 crore) between April and Dec 2025, according to data by 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 the state regained its spot among the top five states, after a fall in the April-Sept 2025 period, the share of Gujarat in total FDI inflows into India has fallen.According to the DPIIT data, the FDI inflows into Gujarat declined by 19.3% year-on-year, compared to $5,565.53 million (Rs 46,687.04 crore) worth of inflows in the corresponding period last year.The drop in inflows pushed Gujarat to the third position nationally compared to the second rank in April-Dec 2024, when the state accounted for 13.7% of India’s total FDI inflows. However, its share fell to 10.4% in corresponding period of 2025, indicating increased competition from other states.Maharashtra retained its lead with inflows of $15,387.46 million, followed by Karnataka at $11,159.09 million. Gujarat was followed by Tamil Nadu ($3,890.65 million) and Haryana ($3,844.48 million), completing the top five.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 said that GIFT City has been a significant catalyst in drawing investments into the state. “Gujarat has demonstrated a strong rebound, supported by proactive govt 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.”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.
