Abstract
The present paper seeks to study the evolving policy paradigm of Indian outward foreign Investment, especially from the year 2000 till the present. Indian overseas investment has gone through a multitude of overhauls since the liberalization and globalization era of the 1990s.. The study, while highlighting the changing sectoral and geographical composition of Indian OFDI from 2000-2021, underpins the pivotal role played by the Indian Government in fostering gradual but steady policy reforms for calibrating the suitable ecosystem for overseas investment by Indian MNCs. The paper’s findings suggest that developed nations are preferred over developing ones owing to the desire of acquiring strategic assets while the service sector grabs the larger share over the manufacturing sector with respect to cross-border OFDI deals from India. The research suggests further liberalization of services like communication, education and personal services to augment the contribution of the service sector in India's OFDI
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