The RBI said that over 97% of eligible DI entities were not listed in March 2025 and this captured most of the equity FDI in India. File | Photo credit: Reuters
The US and Singapore together accounted for more than one-third of India’s foreign direct investment in 2024-25, according to the Reserve Bank’s tally of foreign liabilities and assets of Indian direct investment entities.
The central bank on Wednesday (29/2025) released the preliminary results of the 2024-25 round of the Annual Census of Foreign Liabilities and Assets (FLA), which covers cross-border liabilities and assets of Indian entities.
Of the 45,702 entities that responded in the latest census, 41,517 reported foreign direct investment (FDI) and/or foreign direct investment (ODI) in their March 2025 balance sheet, the RBI said.
Of these subjects, 33,637 also applied in the previous census round and 7,880 in the current round.
More than three-quarters of the companies that reported FDI were subsidiaries of foreign companies (a single foreign investor holding more than 50% of the total capital).
“The United States and Singapore together account for more than one-third of FDI in India; other major sources include Mauritius, the United Kingdom and the Netherlands,” he said.
For ODIs, the top destinations were Singapore, the United States and the United Kingdom.
Of the total FDI in 2024-25 of ₹68,75,931 crore, the share of the US was 20%, followed by Singapore (14.3%), Mauritius (13.3%), the United Kingdom (11.2%) and the Netherlands (9%).
The manufacturing sector had the highest share in the total fixed capital of FDI in market value (48.4%) and in nominal value (37.8%). The services sector was the second largest contributor to total equity FDI in market value.
FDI was ₹61,88,243 crore in the previous year.
In terms of outward direct investment (₹11,66,790 crore), Singapore’s share was 22.2%, followed by the US (15.4%), the UK (12.8%) and the Netherlands (9.6%) in 2024-25.
The RBI further said that more than 97% of eligible DI entities were not listed in March 2025 and this captured most of the equity FDI in India.
Non-financial corporations held 90.5% of FDI equity in nominal value.
In terms of market value, ODI growth (17.9%) outpaced FDI growth (11.1%) in India in rupee terms in 2024-25. As a result, the ratio of internal to external DI was 5.9 times in March 2025 compared to 6.3 times a year ago.
Published – 29 Oct 2025 20:15 IST
