The United States and Singapore emerged as the top sources of foreign direct investment (FDI) into India in FY2024–25. They together accounts for over one-third of total inflows, according to the latest data released by the Reserve Bank of India (RBI).

The RBI’s provisional data from its census on foreign liabilities and assets showed that India’s total FDI stock reached ₹68.75 lakh crore in March 2025. This marked an 11.1% year-on-year rise from ₹61.88 lakh crore recorded a year earlier.

Key Takeaways

• US and Singapore lead India’s FDI inflows with a combined 34.3% share in FY2024–25.
• Total FDI value: ₹68.75 lakh crore, up 11.1% YoY.
• Manufacturing sector attracted nearly half of all FDI.
• Outward investments by Indian companies rose 17.9% to ₹11.66 lakh crore.
• Inward-to-outward ratio dipped slightly from 6.3 to 5.9.
• 97% of surveyed firms were unlisted, but held most of India’s FDI equity.

US and Singapore Lead FDI Inflows

The United States contributed the largest share of FDI at 20%, followed by Singapore at 14.3%. The others include Mauritius at 13.3%, the United Kingdom at 11.2%, and the Netherlands at 9%.

Together, the US and Singapore accounted for over ₹23 lakh crore of total FDI, underscoring their growing influence in India’s investment landscape.

Out of 45,702 companies surveyed by the RBI, 41,517 firms reported some form of foreign or overseas investment as of March 2025. Most of these were subsidiaries of foreign companies, with a majority stake held by overseas investors.

Manufacturing Remains Top FDI Magnet

The manufacturing sector continued to be the largest recipient of foreign investment, attracting nearly half of India’s total FDI at market value. The services sector followed, contributing a smaller but significant portion of the inflows.

Indian Firms Expand Global Footprint

Indian companies also stepped up their outward direct investments (ODI) during FY2024–25, reaching ₹11.66 lakh crore, a 17.9% increase compared to the previous year.

Singapore remained the top destination for Indian outbound investments, receiving 22.2% of total ODI, followed by the United States (15.4%), the United Kingdom (12.8%), and the Netherlands (9.6%).

According to the RBI, Indian firms expanded their overseas presence faster than foreign investors increased theirs in India. However, the ratio of inward to outward investment slipped slightly, from 6.3 in FY2023–24 to 5.9 in FY2024–25.

Unlisted Firms Hold Most of India’s FDI Capital

Interestingly, over 97% of the companies in the census were unlisted, yet they held most of India’s FDI equity capital. The RBI also noted that non-financial firms made up over 90% of this capital, showing the dominance of real-sector investments over financial holdings.