- Following the 1991 reforms, India opened up many sectors to foreign investment. - The USA consistently ranked as the top or among the top sources of FDI in India during the early to mid-1990s. - Japan was also a significant investor during this period, often ranking among the top few countries investing in India. - Germany and Israel were not as prominent as the USA and Japan in terms of the volume of FDI flows to India during 1991-95.