More investment left the country than entered it for the second month in a row in September, with latest data from the Reserve Bank of India showing net foreign direct investment (FDI) stood at -$2.4 billion.

In other words, the sum of money repatriated out of the country by foreign companies here, and invested abroad by Indian companies, was $2.4 billion more than the foreign investment entering India in September 2025, an analysis of the data by The Hindu showed.

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The data shows that gross FDI coming into India stood at $6.6 billion in September 2025, about 4.3% higher than in September last year. In fact, this amount was 9.1% higher than it was in August.

However, these relatively strong inflows were outpaced by the outflows, particularly when it came to foreign investments done by Indian companies.

So, while the repatriation of profits by foreign companies doing business in India shrank by 0.2% in September 2025 to $5.2 billion, the amount invested abroad by Indian companies grew 64.4% to $3.8 billion during the same period.

Taken together, this meant that a total of $9 billion of direct investment left the country in September 2025, compared to the $6.6 billion that entered it that month. The difference between these two figures — the net FDI amount — therefore stood at a negative $2.4 billion.

The net FDI figure was negative in August 2025 as well, at -$0.6 billion.

It is important to note that these figures refer to direct investment, which constitutes investment into assets, rather than portfolio investment, which has to do with shares in a company.

Also Read | Net FDI fell 159% in August 2025 as more money left the country than was invested in it

Longer term brighter picture

However, the analysis also shows that the FDI picture looks better when looked at over a longer period. For example, gross FDI was 15.4% higher in the July-September 2025 quarter than in the same quarter of the previous year.

On a quarterly basis, repatriation was 10.9% lower in Q2 of this financial year as compared to the same quarter of the previous financial year, while foreign investments by Indian companies remained flat at 0.03% growth. This meant that net FDI was 172% higher in Q2 this year than last year.

On an even longer basis, net FDI during April-September 2025, the first half of the financial year, was 104% higher than in the first half of last year.