Global consumer brands have long courted Chinese consumers; now it is India’s shoppers they are wooing. 2018 has been a good year for India: More foreign money is now pouring into it than into China.
Overseas companies have spent $38 billion acquiring Indian assets so far this year, compared with $32 billion in China according to data from Dealogic, the London, U.K.-headquartered financial markets platform. That overturns a long-term trend—the value of inbound mergers and acquisitions in China had outstripped that in India since at least 2000.
Almost half of the activity has been in India’s consumer and retail sectors. IMF economists expect growth in India to exceed 7% over the coming years—a faster rate than China, which is slowing. Along with the threat to Chinese consumer spending posed by trade tensions with the U.S. it’s easy to see why companies are now looking to invest in India. With risks rising in China, businesses will need to take India seriously if they want scale in emerging markets. The run of deals will likely continue.
Last updated: December 26th, 2025
