India FDI Census 2026: US Leads, Manufacturing Tops
India FDI Census 2026: US Leads, Manufacturing Tops
India FDI Census 2026 shows that the United States was the largest source of outstanding foreign direct investment in India, accounting for 16.5% of the total at the end of March 2026, according to provisional figures released by the Reserve Bank of India (RBI) on November 6.
The annual census also highlights manufacturing’s leading position in foreign investment, with the sector accounting for 50.1% of outstanding FDI equity capital at market value.
The findings provide a snapshot of India’s international investment relationships, rather than measuring fresh capital entering the country during November.
India FDI Census 2026: Top Investor Countries
The RBI’s official Foreign Liabilities and Assets Census release identifies the United States, Mauritius and Singapore as the three largest sources of outstanding FDI.
| Country | Share of outstanding FDI |
|---|---|
| United States | 16.5% |
| Mauritius | 14.5% |
| Singapore | 13.7% |
| United Kingdom | 10.8% |
| Netherlands | 10.2% |
| Japan | 9.0% |
The United States held an outstanding investment position of approximately ₹11.68 lakh crore, while Mauritius and Singapore accounted for about ₹10.24 lakh crore and ₹9.68 lakh crore, respectively.
Together, these three countries represented 44.7% of India’s total outstanding FDI.
These figures reflect the immediate source country recorded in the census and should not automatically be interpreted as the ultimate nationality of every investor.
Why Manufacturing Leads Foreign Investment
Manufacturing accounted for 50.1% of total outstanding FDI equity capital at market value, compared with approximately 45% for services.
This substantial manufacturing share reflects foreign investment accumulated across industries including automobiles, pharmaceuticals, chemicals, electronics and other industrial activities.
The sector’s importance is particularly relevant as India seeks to expand domestic production, strengthen supply chains and improve its position in international manufacturing.
However, the census does not establish how many new factories or jobs were created during the latest financial year.
Such conclusions would require separate investment, employment and production statistics.
More Than 43,000 Entities Report Foreign Investment
The RBI census covered 43,123 Indian entities reporting inward foreign direct investment, overseas direct investment or both.
These included companies, limited liability partnerships, alternative investment funds and partnership firms.
Of the reporting entities, approximately 97% were unlisted as of March 2026.
The findings indicate that foreign investment relationships extend well beyond India’s publicly traded companies.
Non-financial companies accounted for more than 90% of FDI equity measured at face value.
This highlights the significance of privately held and operating businesses in India’s cross-border investment landscape.
India’s Overseas Investments Also Matter
The census also tracks overseas direct investment, or ODI, made by Indian entities.
Singapore, the United Arab Emirates and the United States were the three largest destinations, together accounting for more than half of India’s outstanding ODI.
Their respective shares were 21.1%, 16.2% and 13.9%.
The ratio of inward FDI to outward direct investment, measured in rupees, moderated to 4.2 times at the end of March 2026 from 5.5 times a year earlier.
This suggests a change in the relative size of India’s inward and outward investment positions, although valuation movements can also influence the comparison.
The country-level figures are detailed in Tables 5 and 6 of the RBI census.
Does Outstanding FDI Mean Fresh Investment?
Not necessarily.
Outstanding FDI represents the value of investment positions at a particular date, including equity and relevant debt.
Annual FDI inflows, by contrast, measure investment transactions during a reporting period.
Changes in outstanding investment can reflect fresh transactions, withdrawals, exchange-rate movements and changes in asset valuations.
The RBI specifically cautions that changes in foreign asset and liability positions differ from balance-of-payments investment flows.
Therefore, the US holding the largest outstanding FDI share does not necessarily mean it provided the largest amount of new investment during FY 2025–26.
What Does the Census Mean for India’s Economy?
The findings underline India’s continuing integration with international capital markets and multinational business networks.
Foreign investment can support business expansion, technology adoption and industrial capacity, although the economic impact depends on how capital is deployed.
For investors and businesses, the census offers useful insight into sector concentration and India’s major international investment relationships.
The RBI’s detailed activity-wise tables also help distinguish manufacturing, services and other sectors.
The central takeaway is that the United States leads India’s outstanding FDI stock, while manufacturing remains the largest recipient of foreign equity capital.
Future investment-flow data will be needed to determine whether these positions translate into stronger fresh inflows.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The RBI census findings are provisional and may be revised.
