The paper intends to focus on the direction of Outward Foreign Direct Investment (OFDI) from India. It also analyses the competition for Indian overseas investment among different country groupings. In terms of direction of OFDI from India, the changes in ranks of FDI outflows to developing countries are more than that of developed countries. Ranking patterns reveals that there is high level of competition among developing countries to attract Indian overseas investors. Somewhat same results are depicted by Index of Rank Dominance (IRD) in case of all the countries of the world, where out of total 25 countries, 7 are developed countries and other are developing countries, majority of them are considered to be tax havens. Mobility and Turnover shows high competition for OFDI from India in developing countries than developed countries.