Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced plans to invest up to $100 billion in India by 2030 across sectors including renewable energy, technology, infrastructure, healthcare and real estate. The announcement was made during PM Modi's state visit to Riyadh, where the two nations also signed 28 bilateral agreements covering defence, agriculture, digital connectivity and financial services.
Saudi Arabia is already a significant investor in India with existing commitments in Aramco's stake in Reliance's refining and petrochemicals business and several real estate projects. The new investment commitment significantly expands the bilateral economic relationship and provides India with a major source of patient long-term capital for its infrastructure needs, supplementing domestic and multilateral sources of funding.
The investment pledge also has strategic significance as India seeks to reduce its dependence on Chinese capital while diversifying its geopolitical partnerships. Saudi Arabia's Vision 2030 and India's development ambitions are seen as highly complementary, with the Kingdom seeking to invest its oil revenues in productive assets while India offers one of the world's largest and fastest-growing investment destinations with strong institutional governance frameworks.
