The US continued to be the largest source of FDI in India, followed by Mauritius, Singapore and the UK, according to an annual census of the Reserve Bank of India.

Out of the 41,653 entities, which responded in the latest census, 37,407 reported foreign direct investment (FDI) and/or overseas direct investment (ODI) in their balance sheets for March 2024.

Of these entities, 29,926 had also reported in the previous census round and 7,481 have newly reported in the current round, according to Census on Foreign Liabilities and Assets of Indian Direct Investment Entities for 2023-24.

Over three-fourths of the companies that reported inward direct investment were subsidiaries of foreign companies.

Non-financial companies accounted for nearly 90 per cent of the FDI equity at face value, the RBI said.

"Supported by valuation gains as well as fresh inflows, total FDI in India surged by 23.3 per cent at market value in rupee terms during 2023-24; on the other hand, ODI growth was much lower at 3.4 per cent," it said.

Unlisted entities recorded 17.5 per cent growth in FDI at market value during the year. In the listed space, the corresponding growth was even higher at 29.8 per cent.

With FDI growth outpacing overseas direct investment (ODI) rise, the ratio of outward to inward DI stock at market value declined to 16.1 per cent in March 2024 from 19.3 per cent a year, the RBI's census revealed.

Further, foreign subsidiaries in India maintained strong external trade linkages as exports and imports accounted for 35.4 per cent and 31.5 per cent of their sales and purchases, respectively.

During 2023-24, total sales and purchases of foreign subsidiaries in India increased by 13.2 per cent and 10.6 per cent, respectively, in rupee terms.

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