Manufacturing accounted for 50.1% of India’s outstanding foreign direct investment equity at market value at end-March 2026, while services held 45%, according to the Reserve Bank of India’s latest census of foreign liabilities and assets.
The provisional census covered 43,123 Indian entities reporting inward FDI and/or overseas direct investment. Around 97% of reporting entities were unlisted, and non-financial companies accounted for more than 90% of FDI equity at face value.
Where the capital came from
The United States was the largest source of outstanding FDI with a 16.5% share, followed by Mauritius at 14.5%, Singapore at 13.7% and the United Kingdom at 10.8%.
For overseas direct investment, Singapore, the United Arab Emirates and the United States together represented more than half of the destination share.
The balance-sheet picture
The ratio of inward FDI to ODI moderated to 4.2 times at end-March 2026 from 5.5 times a year earlier. Other investment liabilities rose 11.9% in rupee terms, while other investment assets increased 16.1%.
These are outstanding positions, not the same as annual balance-of-payments flows: valuation and exchange-rate changes also alter the stock. The data nevertheless give a useful map of where foreign capital is embedded across Indian balance sheets and sectors.
Source: Reserve Bank of India, 6 November 2026. This article is general information, not investment advice.
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