United Nations, April 10 : India remains a "strong" recipient of foreign investments as multinationals recognise it as an alternative manufacturing base for supply chains, according to the United Nations.

"India is benefiting by growing interest from multinationals, which see the country as an alternative manufacturing base in the context of developed economies' supply chain diversification strategies," according to the Financing for Sustainable Development 2024 Report.

The report released on Tuesday said that in contrast to large swathes of the developing countries, "investment in South Asia, particularly in India, remains strong."

While discussing India's role for multinationals as an "alternative manufacturing base," the report did not directly mention China, which is the motivating factor behind the development because of geopolitical issues.

In contrast to India and some other countries, the report said the developing world as a whole was facing a "sustainable development crisis" because of "staggering debt burdens and sky-high borrowing costs".

These "prevent developing countries from responding to the confluence of crises they face," it said.

Deputy Secretary-General Amina J. Mohammed said, "We are truly at a crossroads and time is running out. Leaders must go beyond mere rhetoric and deliver on their promises. Without adequate financing, the 2030 (UN sustainable development) targets cannot be met."