




































 
 

 

98 
© 2020 by the authors; licensee Asian Online Journal Publishing Group 
 

Economy 
Vol. 7, No. 2, 98-103, 2020 

ISSN(E) 2313-8181/ ISSN(P) 2518-0118 
DOI: 10.20448/journal.502.2020.72.98.103 

© 2020 by the authors; licensee Asian Online Journal Publishing Group 

    
 

 
 
 
Inflow and Outflow of Foreign Direct Investments in BRICS Countries - An 
Analysis 

 
L. Krishna Veni 

 

 
Siva Sivani Institute of Management Secunderabad, Telangana, India. 

 

 
Abstract 

Foreign Direct Investment broadly includes any long-term investments by an entity that is not a 
resident of the host country. It may be in the form of inflow of  FDIs from other countries into the 
domestic economy or outflow of FDIs from the domestic economy to other countries.  Against 
this backdrop, this study mainly aimed to examine the macroeconomic scenario of all BRICS 
nations in. It also intends to estimate the growth of the inflow of FDI into BRICS, the outflow of 
FDI from BRICS during the study period 1998-2018 using Simple Linear Regression and to 
forecast the inflow and outflow of FDI in immediate future.  The results reveal some interesting 
facts with significant variations in   the key macroeconomic variables of BRICS like annual 
growth of GDP, current account deficit, rate of inflation, unemployment etc. Results reveal that 
except India, rest of the BRICS countries are deriving more than 50% of the GDP from the 
service sector only in 2018.The findings of the study conclude that  China has recorded the 
highest growth in terms of the inflow of FDI  among the BRICS  during the study period.  But. 
Russian Federation and Brazil have recorded the highest growth rates in terms of the outflow of 
FDIs from BRICS during the study period .Based on the regression coefficient values, projection 
of inflow and outflow of FDIs are made,  however, the projections will be accurate only when the 
other things remaining the same. 

 
Keywords: BRICS, Inflow of FDI, Outflow of FDI, Emerging economies, Macroeconomic variables, Descriptive statistics,  Simple linear                      
equation, Projections. 

JEL Classification: E27, E29, F20, F21 & F29. 
 

Citation | L. Krishna Veni (2020). Inflow and Outflow of Foreign 
Direct Investments in BRICS Countries - An Analysis. Economy, 
7(2): 98-103. 
History:  
Received: 19 May 2020 
Revised: 22 June 2020 
Accepted: 27 July 2020 
Published: 10 August 2020 
Licensed: This work is licensed under a Creative Commons 

Attribution 3.0 License  
Publisher:  Asian Online Journal Publishing Group 
 

Funding: This study received no specific financial support. 
Competing Interests: The author declares that there are no conflicts of 
interests regarding the publication of this paper. 
Transparency: The author confirms that the manuscript is an honest, 
accurate, and transparent account of the study was reported; that no vital 
features of the study have been omitted; and that any discrepancies from the 
study as planned have been explained. 
Ethical: This study follows all ethical practices during writing.   

 

 

Contents 
1. Introduction ...................................................................................................................................................................................... 99 
2. Review of Literature........................................................................................................................................................................ 99 
3. Research Methodology ................................................................................................................................................................. 100 
4.  Data Analysis ................................................................................................................................................................................. 100 

5. Summary Conclusions .............................................................................................................................................. 102 
References.................................................................................................................................................................... 103 
 

 
 
 
 
 
 

 

http://crossmark.crossref.org/dialog/?doi=10.20448/journal.502.2020.72.98.103&domain=pdf&date_stamp=2017-01-14
http://creativecommons.org/licenses/by/3.0/
http://creativecommons.org/licenses/by/3.0/
https://www.asianonlinejournals.com/index.php/Economy/article/view/1993
https://www.asianonlinejournals.com/index.php/Economy/article/view/1993


Economy, 2020, 7(2): 98-103 

99 
© 2020 by the authors; licensee Asian Online Journal Publishing Group 

 

 

Contribution of this paper to the literature 
This study is important in the following lines. Firstly, the research provides a broad view on recent 
macroeconomic   scenario of BRICS nations to understand the comparative situation. Further, the study  
attempts to analyse the inflow of   FDIs into BRICS and outflow of   FDIs from BRICS during a long 
period of 21 years, hence it  will serve as literature for other individuals who are interested to analyse the 
FDI in both directions of FDI in the immediate future. Finally, the projections made in this study help to 
the companies and countries to take their business decisions to some   extent in immediate future, 
however the projections are always subjected to economic stability of the BRICS nations. 

 
1. Introduction 

Foreign direct investments (FDI) are investments made by one company into another company located in 
another country. Foreign Direct Investments(FDIs) can be classified as Inward/Inflow of  FDI and Outward 
/Outflow of FDI, depending on the direction of the flow of money. The inflow of FDI occurs when foreign capital 
is invested in local resources. The factors driving the growth of inflow of  FDI include  availability of inputs or 
factors of production  at a cheaper rate,  low tax  rates, low interest rates and grants concessions and relaxations   
from the government of the host countries . Other benefits of Inflow of FDIs include access to superior 
international technologies, exposure to better management and accounting practices, and improved corporate 
governance 

Outward FDI,  also known as direct investment abroad, it means firms in the home country expand its business 
to other countries in the form of investments in   Multinational corporations, mergers or acquisition, etc. 

 Generally, foreign investors are motivated by profits and access to natural resources available in the host 
country. Therefore, large and growing domestic markets are likely to receive more FDI. Countries with abundant 
natural resources such as mines, oil reserves and manpower attract the foreign investors to invest in that country. 

In 2001, BRICs countries were originally projected to be the fastest growing market economies by Jim O'Neill 
of Goldman Sachs. The emerging nations of Brazil, Russia, India, and China (BRICs)   believed to be the future 
leading suppliers of manufactured goods, services, and raw materials by 2050. China and India will become the 
world's main suppliers of manufactured goods and services, respectively, while Brazil and Russia will also develop 
like dominant suppliers of raw materials.   South Africa joined the group in the year 2010, which is now referred to 
as BRICS. 
 

2. Review of Literature 
Sutirtho (2012) in her study exposes that the responsibility of ushering in a new wave of economic growth has 

fallen on the shoulders of the BRIC countries. The inward and outward FDIs in any country depends    upon many 
factors.   Against this backdrop, this  study attempts to  compare the FDI trends in BRIC countries over the last 10 
years, to analyze the effect of government policies on foreign trade, to establish an understanding of the effect of 
the economic crisis on the existing FDI patterns of developing countries. Further it attempts   to explore the scope 
for changes in FDI policies of these countries in the future and predicting their possible effects. The authors believe 
that the analysis of this paper will serve to understand the economic growth paradigms in the BRIC nations and 
their potentially cascading effects on the future economic sustainability  of the planet. 

Vinay (2014) in his study analyzed the trend of FDI flow into the country and to find the relation between 
FDI, Foreign Institutional Investment (FII) and GDP of the country.   However, the analysis shows that the 
country is still far behind compared to countries like China. The continuous increase in  FDI, allowed across the 
industries and sectors, has proven that foreign investors have faith in the resilience of Indian markets. 
Furthermore, the results indicate that the flow of FDI and GDP are positively correlated with each other and the 
country's GDP is showing a positive movement with the flow of Foreign Direct Investment in India. The flow of 
FII and FDI also shows a positive correlation with each other.  

Panigrahi and Panda (2012) in their study attempt to find out the factors which are significantly related and 
influence the FDI inflow into China, India, and Malaysia during the study period   1991  to 2010.   Correlation has 
been used to study the factors influencing FDI inflow. The study revealed that India and China are very similar, 
whereas in Malaysia the same factors do not influence the inflow of foreign investment to the country. GDP of the 
country, gross capital formation, capital infrastructure, external debt, export, and import volume are the major 
factors that significantly influence foreign capital inflow into the two highly populated, fast growing Asian 
countries, that is, China and India. In the case of Malaysia, only domestic investment or gross domestic capital 
formation is significantly related to its FDI inflow 

Anupam (2014) in his study depicts that over the past few years India’s outward foreign direct investment 
(OFDI) flows and stocks have increased intensely though the immense flow of OFDI from developing countries at 
an international level is fairly a new phenomenon. This paper analyses the impact of FDI outflows on the GDP of 
BRICS countries. The authors have applied the regression model that explains that overseas FDI does not show a 
significant impact on GDP. These countries are trying to make efforts to increase their GDP and FDI but due to 
some constraints, they are not achieving their targets. 

Nandita (2014) attempts   to empirically explore the evidence of the macroeconomic relationship between 
outward foreign direct investment (OFDI) and levels of domestic capital formation in the BRIC economies.  The 
findings of the study reveal that OFDI has both short run and long run positive causality with domestic 
investment and thus figures out to be a significant factor affecting domestic investment in the BRIC nations. It 
becomes imperative, thus, that the BRIC countries make a special effort to encourage their OFDI through the 
designing of proper OFDI policies that would help stimulate heir domestic investment and economic grow throw 
and in the future. 

 Wladimir (2016) attempts to compare the study of outward foreign direct investment from BRIC countries 
and strategies conducted by multinational corporations (MNCs) whose parent companies are based in the BRICs. 
The focus is on Brazilian and Indian MNCs and their OFDI using as a benchmark major outcomes derived from 
the study of Chinese and Russian multinationals. To the contrary the intent is to check, against a benchmark of 



Economy, 2020, 7(2): 98-103 

100 
© 2020 by the authors; licensee Asian Online Journal Publishing Group 

 

 

MNCs emerging from former centrally planned economies with a single (communist) party regime, how much the 
differences in Brazilian and Indian market economies with a democratic political regime over the past decades 
countervail (or not) the assumed similarities across all the BRICs.   

 Ramar, Prabakaran, Rajendran, and Muthu Kumaran (2019) in their study, elucidate that the  FDI plays a 
predominant role in the improvement of the nation's growth and the global business.  This paper gathers evidence 
through a panel exercise that actual FDI to India during the year 2017-18 fell short of its potential level. An 
attempt is made in this paper to know the FDI equity inflows from various countries to India. An attempt has been 
made by the researcher through this paper to examine the economic growth through FDI. For the analysis the 
statistical tools like one-Way ANOVA, K-S Test has been used and the suggestions and the recommendations are 
based on the approach.  

Vijayalakshmi, Palanisingh, Lingavel, and Gurumoorthy (2019) in their study explained that  FDI has become 
an integral part of national development strategies for almost all the nations globally. FDI in India has contributed 
effectively to the overall growth of the economy in recent times.  The main objective of the study is to identify the  
factors determining in foreign direct investment in India. The data mainly based on secondary data. The collected 
data were analysed by using trend analysis and growth rate of the top ten sectors in India. This study also found 
that FDI in India has contributed effectively to the overall growth of the economy in the recent times. Thus, India 
can grow without FDI and in fact developed without or with very little FDI.  Developing countries like India need 
substantial foreign inflows to achieve the required investment to accelerate economic growth and development.  

From the above review  it is clear that most of the studies have confined to a short  period (10 – 15 years) only 
and focussed either on the inflow of FDIs in BRICS countries  or outflow of FDIs  from FDIs. However, this study 
tries to   analyse the inflow and outflow of FDIs   of BRICS nations  with the following objectives:  

1. To examine the macroeconomic scenario of all BRICS Nations. 
2. To estimate the growth of the inflow  of  FDI  into BRICS countries during the study period   and to 

forecast the inflow of FDI in immediate future. 
3. To estimate the growth of the outflow of FDI from BRICS countries  during the study period   and to 

forecast the inflow of FDI in immediate future.   
 

3. Research Methodology 
The sample  selected for  this study are five emerging economies viz.,  Brazil, Russia Federation, India, China, 

and South Africa, which are popularly known as BRICS. The present study is exclusively based on secondary data 
and mainly it is carried out to examine the inflow of FDIs into BRICS nations and outflow of FDIs from BRICS 
nations. The data on inflow and outflow of FDIs required for this study has been drawn from www.unctad.org and 
the data on macroeconomic variables of BRICS has been collected from  https://globaledge.msu.edu/global-
insights/by/country.  

The inflow of FDI  and outflow of FDI    are considered in terms of US $ at current prices in millions for 21 
years i.e., from 1998-2018. 

Descriptive statistics,   Simple Linear regression (Y= a+bx), and forecasting Technique based on regression 
coefficient(b) have been applied to analyse the data with the help of  SPSS. The forecasts generated by Simple 
Linear Regression method show a constant trend  either increasing or decreasing indefinitely into the future.  
 

4.  Data Analysis 
Initially   the macro economic variables of BRICS in 2018 are compared across the BRICS nations to  

understand the  comparative scenario in Table1A. 
   

Table-1A. Rank in GDP out of 196 Countries & among BRICS in 2018. 

Country Rank in GDP out of 196 countries in 2018 Rank among BRICS 

Brazil 7 4 
Russian Federation 6 3 

India 3 2 
China 2 1 

South Africa 29 5 

      
GDP is the most important macroeconomic indicator to understand the economic growth of any economy. 

Table1A explains the ranks of GDP relating to the BRICS nations out of 156 countries considered in 2018 by 
globaledge.msu.edu. China(2nd), India(3rd), Russian Federation(6th), Brazil(7th), and South Africa(29th) ranks in 
the world (196 countries). However, in the same order, these countries have occupied the rank between Ist to 5th 
positions among  BRICS  in 2018. 

The Macroeconomic Variables of BRICS in 2018 are represented in Table1B. It reveals some interesting facts 
with significant variations in some of the macroeconomic variables of BRICS.  All countries of BRICS are known as 
developing economies only except Soviet Russia, which is the only High Income  country which is in transition. 
Being a Lower Middle Income country among BRICS, India recorded significant annual  growth of GDP with  
6.81% in the year 2018. 2nd place has been occupied by  the Upper Middle Income  country  China(6.57%),whereas 
South Africa(0.79%) remained in the bottom position, though it is a Upper Middle Income country. In terms of per 
capita income(PPP) Russia and China occupied the 1st and 2nd places. China has the highest external debt stock 
among the BRICS countries. India, Brazil, and South Africa have shown a deficit in their current account balance, 
whereas the remaining countries of BRICS  like Soviet Russia and China have shown surplus. The rate of inflation 
is more than 4% in India and South Africa but in  China, it is 2.01% only in the year 2018. Labour force has shown 
high figures in both highly populous countries like China and India. It is disappointing to note that the rate of 
unemployment is very high in South Africa(28.18%) and Brazil (12.07) among the BRICS in 2019. In value of 
goods and services of imports and exports also China maintained its supremacy among the BRICS. 

 



Economy, 2020, 7(2): 98-103 

101 
© 2020 by the authors; licensee Asian Online Journal Publishing Group 

 

 

Table-1B. Macroeconomic variables of BRICS in 2018. 

Factor Brazil Russia India China South Africa 

Income Level (by per capita GNI) UMI HI LMI 
 

UMI UMI 

Level of Development: Developing In  Transition Developing Developing Developing 
GDP, PPP(current international$)    $3,371.80b 

 
$4,050.79b 

 
$10,500.21b 

 
$25,398.68b 

 
$790.82b 

 

GDP growth (annual %)  1.12% 2.25% 6.81% 6.57% 0.79% 

GDP per capita, PPP  
(current international $ 

$16,096.40 
 

$27,143.33 $7,762.88 
 

$18,236.61 
 

$13,686.88 
 

External debt stocks, total 
(DOD, current US$)  

$557,822, 
647,211.20 

$453,938, 
114,126.20 

$521,390, 
564,017.40 

$1,962,304, 
426,779.10 

$179,306, 
413,801.80 

Current account balance (BoP, 
current US$)  

*-$41.54b 
 

$113.45b *-$65.60b 
 

$49.0b 
 

*-$13.38b 
 

Inflation, consumer prices 
(annual %)  

3.66% 2.88% 4.86% 2.07% 4.50% 

Labor force, total (2019) 10,63,28, 
664 

7,27,36, 316 51,94,69, 
299 

78,31,94,000 2,30,72,331 
 

Unemployment, total (% of total 
labour force)ILO estimate) (2019) 

 
12.08% 

 
4.58% 

 
5.35% 

 
4.32% 

 
28.18% 

Imports of goods and services  
(current US$)  

$266.78b 
 

$344.26b 
 

$642.70b 
 

$2,548.99b 
 

$108.88b 
 

Exports of goods and services  
(current US$) 

$276.66b 
 

$509.55b 
 

$536.62b 
 

$2,655.61b 
 

$110.14b 

Note: *Represents Deficit, b- Billions, UMI-Upper Middle Income, HI-High Income& LMI-Lower Middle Income. 

 
Table-2.Composition of GDP in BRICS Nations –(%) in 2018. 

Country Agriculture Services Industry Manufacturing 

Brazil 4.42 63.02 18.13 9.78 
Russian Federation 3.15 54.12 32.07 13.31 

India 14.6 45.13 26.75 14.82 
China 7.19 52.16 40.65 29.41 

South Africa 2.18 64.04 25.85 11.76 
 

The composition of GDP (%) may exceed 100 also. Manufacturing is included in the industry figures and in 
also reported separately since it plays a vital role in many of the countries in the world including BRICS. Table 2 
reveals that except India,  rest of the BRICS countries are deriving more than 50% of the GDP from the service 
sector only in 2018.  However, South Africa and Brazil occupied  the first and second places with more than 60% 
contribution from service sector  to GDP.  China (40.65%) and  Russian Federation(32.15%)  have contributed 
significant share from the industrial sector. In the manufacturing sector, China is the only country that contributed 
29.41% to GDP in 2018. In the agriculture sector India is the only country that contributes more to GDP with a 
double digit figure (14.6%). 
 

Table-3. Descriptive Statistics of Inflow of  FDIs  in  BRICS-1998-2018(21 years). 

Country N Minimum Maximum Mean Std. Deviation 

Brazil 21 10143.525 97421.786 43247.856 25016.532 

Russian Federation 21 2651.06 75855.697 24622.303 20079.378 
India 21 2168 47102.417 23188.095 16412.998 
China 21 40318.71 139043.492 91754.362 36722.953 

South Africa 21 311.4501 9209.172 3850.3717 2867.605 

 
From the descriptive statistics as shown in Table 3, it is clear that  China recorded a maximum inflow of FDI 

during the study period. Brazil, Russia, India, and South Africa have occupied the 2nd, 3rd,4th, and 5th places 
during the same  period of 21years. China is recorded huge inflows of FDI when compared with other BRICS 
nations in all the countries. A similar picture can be noticed from the mean values during the study period. 
  

Table-4.  Inflow of FDIs in BRICS-simple linear regression equations. 

Country Regression Equation (Y= a + bx) 

Brazil Y= 12334.099+2810.342x 

Russian Federation Y= 8659.280+1454.820x 

India Y= -2673.937+2351.094x 

China Y= 28279.790+5770.416x 

South Africa Y= 2334.059+137.847x 

 
 

From Table 4 it is clear that the coefficient value of China has shown the highest value (5770.416), which 
reflects the high growth of FDI among the BRICS  countries during the study period. Brazil (2810.342), India 
(2351.094), Russian Federation (1454.820), and South Africa(137.847) have recorded the values of the coefficients 
(growth rates) in the ascending order. 

 
 
 
 

 



Economy, 2020, 7(2): 98-103 

102 
© 2020 by the authors; licensee Asian Online Journal Publishing Group 

 

 

Table-5. Projections of Inflow of FDI in BRICS (2019-2023). 

Country 2019 2020 2021 2022 2023 

Brazil 74161.6 76971.96 79782.31 82592.649 85402.99 

Russian Federation 40665.3 42120.14 43574.96 45029.78 46484.6 
India 

 
49050.1 51401.22 53752.32 56103.413 58454.507 

China 155229 160999.36 166769.77 172540.19 178310.61 

South Africa 5366.69 5504.54 5642.39 5780.23 5918.08 

 
Based on the Regression equations from Table 4, the inflow of FDI has been forecasted for the estimated 5 

years that is from 2019 to 2023. It can be inferred that estimated projections as shown in Table 5 that the inflow of 
FDI has shown the highest figure in China in all five years.  The second place has been occupied by Brazil. India   
Soviet Russia remained in the 3rd and the 4th positions in all projected years.. But South Africa remained in the 
bottom position since it has entered BRICS in the year 2010 only as the emerging economy. 

 
Table-6.  Descriptive Statistics of Outflow of FDIs  from BRICS -1998-2018. 

Country N Minimum Maximum Mean Std. Deviation 

Brazil 21 13036 28202.5 3630.71 11072.30 

Russian Federation 21 915.77 196149 61147 61433.51 

India, 21 47 21142.5 7840.29 6668.55 

China 21 1209.75 70684.8 28337 21078.52 
South Africa 21 -3177.9 7669.46 2336.05 3171.11 

 
Table 6 reveals that the descriptive statistics relating to outflow of FDIs from BRICS countries during the 

study period. Russian Federation (61147), China(28337), India(7840.29), Brazil(3630.71), and South 
Africa(2336.05)  have shown the mean values in the ascending order  during the study period. 

 
Table-7. Outflow of FDIs from BRICS- simple linear regression equations. 

Country Regression Equation (Y= a + bx) 

Brazil Y= 7095.84 +315.01 x 

Russian Federation Y= 2946.63 + 2390.03x 

India Y= 535 + 43x 

China Y=  9235 + 42x 

South Africa Y= 1156 +31 x 

 
From the regression equations, as shown in Table 7, it is clear that Russian Federation(2390.03) and 

Brazil(315.01) have shown highest coefficient values (growth rates) relating to the outflow of FDIs from BRICS 
during the study period, whereas the other countries of BRICS like India (43), China(42) and South Africa(31) have 
recorded lesser growth rates. 
  

Table-8. Projections of Outflow of FDI from BRICS (2019-2023). 

Country 2019 2020 2021 2022 2023 

Brazil 14026.1 14341.1 14656.1 14971.1 15286.1 

Russian Federation 55527.3 57917.3 60307.4 62697.4 65087.4 

India 1481 1524 1567 1610 1653 

China 10159 10201 10243 10285 10327 

South Africa 1838 1869 1900 1931 1962 

 
Based on the regression equations from Table 7 the outflow of FDI from BRICS has been forecasted for the 

estimated 5 years that is from 2019 to 2023. From Table 8, it can be inferred that estimated projections relating to 
the outflow of FDI have  shown highest  amount  from Russian Federation.  Second place has been   occupied by 
Brazil.   China remained in third place and South Africa   maintained   fourth position    for  all years from 2019 to 
2023 as per the projections.  But   India   remained in   the least position since it has focused only on inflow of 
FDIs and boosting the domestic investments. 
 

5. Summary Conclusions 
The results of this study reveal some interesting facts with important distinctions in some of the 

macroeconomic variables of BRICS.GDP as  the most important macroeconomic indicator of economic growth, 
China, India Russian Federation , Brazil, and South Africa have occupied the rank between Ist to 5th positions 
among BRICS  in 2018. 

India being a Lower Middle-Income country recorded significant annual growth of GDP with  6.81% in the 
year 2018. 2nd place has been occupied by the Upper Middle-Income country China (6.57%) among BRICS. India, 
Brazil, and South Africa have shown current account deficit, whereas the remaining countries of BRICS have 
shown surplus. The rate of inflation is more than 4% in India and South Africa but rest of the countries, it is 
around 2% only. In both highly populous countries like China and India, the labor force has shown high figures. 
The rate of unemployment is very high in South Africa (28.18%) and Brazil (12.07) among the BRICS  countries in 
2019. China maintained its supremacy among the BRICS  in terms of the value of goods and services of imports 
and exports also. It is clear   that except India, the rest of the BRICS countries are deriving more than 50% of the 
GDP from the service sector only in 2018, however, South Africa and Brazil occupied the first and second places 
with more than 60% contribution to GDP. China (40.65%) and   Russian Federation (32.15%)  have contributed 



Economy, 2020, 7(2): 98-103 

103 
© 2020 by the authors; licensee Asian Online Journal Publishing Group 

 

 

significant share from the industrial sector. In the manufacturing sector, China is the only country that 
contributed 29.41% to GDP in 2018. Compared to other countries of BRICS. India is the only country that 
contributes more to GDP with  14.6%  in the agriculture sector.  

The findings of the study conclude that  China has recorded the highest growth in terms of the inflow of FDI  
among the BRICS  during the study period. Brazil , India , Russian Federation, and South Africa have recorded the 
values of the coefficients (growth rates) in the ascending order during the study period. 

But. Russian Federation and Brazil have recorded the highest growth rates in terms of the outflow of FDIs 
from BRICS during the study period. 

 Brazil. China remained in second and  third places whereas  South Africa   maintained the fourth position    for 
all years from 2019 to 2023 as per the projections.    India remained in   the least position since it has focussed only 
on the inflow of FDIs and boosting the domestic investments. 

Based on the regression coefficient values, projection of inflow and outflow of FDIs are also made in this study, 
however, the projections will be accurate only when the other things remaining the same. 
 

References 
Anupam. (2014). Impact of FDI outflows on GDP of BRICS countries. Indian Journal of Applied Research, 4(10), 115-116. 
Nandita, D. (2014). Home country effect of FDI outflows from the BRIC countries: Study of domestic investment. University of Maryland, 

Baltimore Country. 1-33. Retrieved from: https://economics.umbc.edu/files/2014/2009/wp_2015_2001.pdf. 
Panigrahi, T., & Panda, B. (2012). Factors influencing FDI inflow to India, China and Malaysia: An empirical analysis. Asia-Pacific Journal of 

Management Research and Innovation, 8(2), 89-100. Available at: https://doi.org/10.1177/2319510x1200800202. 
Ramar, N., Prabakaran, V., Rajendran, S., & Muthu Kumaran, C. K. (2019). FDI in India: Leading to economic growth. International Journal 

of Recent Technology and Engineering, 8(2S10), 182-186. Available at: https://doi.org/10.35940/ijrte.b1031.0982s1019. 
Sutirtho, N. (2012). International conference on emerging economies – prospects and challenges  comparative analysis of foreign direct 

investment trends in emerging economies. Procedia ,Social and  Behavioural Sciences, 7, 230 – 240. 
Vijayalakshmi, R., Palanisingh, V., Lingavel, G., & Gurumoorthy, T. R. (2019). Factors determining in foreign direct investment  in India. 

International Journal of Recent Technology and Engineering, 8(2S10), 722-729. Available at: 
https://doi.org/10.35940/ijrte.b1129.0982s1019. 

Vinay, K. (2014). Trend of FDI in India and its impact on economic growth. International Journal of Science and Research, 3(10), 639-642. 
Wladimir, A. (2016). Outward foreign direct investment by Brazilian and Indian multinational companies: Comparison with russian-chinese 

multinationals. Hindustan Aeronautics Limited. 1-45. Retrieved from: https://halshs.archives-ouvertes.fr/halshs-
01279896/document. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Online Journal Publishing Group is not responsible or answerable for any loss, damage or liability, etc. caused in relation to/arising out of the use of the content. 
Any queries should be directed to the corresponding author of the article. 

 


