While economic analysts and politicians have always revelled in the increasing foreign direct investment (FDI), foreign institutional investments (FIIs) and foreign portfolio investments (FPIs), a closer look at the data showed a distorted picture with a big chunk of the foreign investment coming from tax havens like Mauritius. The arrangement with Mauritius, whatever its loopholes, was based on the 1983 Double Taxation Avoidance Treaty, enabling the Indian Ocean island-country to be the top source of FDI, FII and FPI. It accounted for one-third of the foreign investment inflows. Interestingly, of late Singapore has been competing with Mauritius for the top slot for investments. Singapore has slipped into the second position for 2014-15 after getting to the top in the previous year. In 2014-15, the inflow from Mauritius was US$9.03 b, while that from Singapore was US$6.74 b, out of a total of US$30.93 b for the same period.