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SWFs are investment fund engines owned by the Government to achieve pre-determined objectives of the Government. The Government invests through SWFs, inter-alia, to diversify their assets, to secure better gains on their investment, to tap into new jurisdictions, to promote industrialization, etc.

The SWFs investment activities have grown substantially with SWFs having over USD 11.5 trillion in AUM as of February, 20231. In the first 2 (two) decades of the 21st century, the number of SWFs has jumped fivefold from 20 to more than 100 active SWFs2. Over the past decade, the investments by SWFs have increased in the Asian markets owing to wide range of opportunities in the emerging and developing markets.

In India as well, the growth of SWFs investments have been exceptional with SWFs increasing their direct investments in India at USD 6.712 billion in 2022 versus USD 3.797 Billion in 20213. By analysing multiple resources and databases, this paper seeks to give an overview of SWFs, their evolution, investment activities and their regulatory framework in India.

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