Only 30% of India’s record FY26 gross FDI was 'new money'; Net FDI impact close to zero: Surjit Bhalla

Only 30% of India's record FY26 gross FDI was 'new money', according to Surjit Bhalla.

The IMF definition change (2017-2020) counts retained profits of foreign companies as FDI.

Net FDI impact is close to zero when retained profits are excluded.

The data suggests that much of the FDI inflow is not fresh capital.