India’s overseas direct investment (ODI) stock reached ₹16,71,463 crore by end-March 2026, as the ratio of inward foreign direct investment (FDI) to ODI narrowed to 4.2, provisional data from the Reserve Bank of India (RBI) showed.
The RBI released the results Nov. 6 in its 2025-26 Census on Foreign Liabilities and Assets. The survey valued inward FDI at ₹70,71,945 crore, compared with ₹65,17,379 crore a year earlier. ODI rose from ₹11,86,744 crore ($138.7 billion) to its latest total. These figures compare accumulated market-value positions at each year-end, rather than investment newly made during the year.
The rupee and dollar totals diverged. Inward FDI increased in rupee terms but declined from $761.5 billion to $747.1 billion in dollar terms. The RBI calculates dollar values using the exchange rate at each financial year-end. It said currency and asset-price changes affect stock valuations, which can make changes in those stocks differ from balance-of-payments flows. The release did not break out how much each valuation factor contributed.
RBI census data showed that the United States accounted for the largest share of inward FDI, at 16.5%. Mauritius followed at 14.5%, Singapore at 13.7% and the United Kingdom at 10.8%. For ODI, Singapore accounted for 21.1%, the United Arab Emirates for 16.2% and the United States for 13.9%; together, the three destinations represented more than half of the total.
The survey received reports from 43,123 Indian entities with inward and/or outward direct investment; 41,814 were unlisted. About 75% of the 36,168 entities reporting inward investment were subsidiaries of foreign companies. Participants included Indian companies, limited liability partnerships, alternative investment funds and partnership firms.
The census also covers portfolio investment and other cross-border balances. These include trade credit, loans, currency and deposits, as well as amounts payable to or receivable from overseas parties.
