Long-term trend shows stable FPI flows into India, with peak in FY15

Outflows in just seven years since FY98, the first one seen post the Asian Financial crisis

India has witnessed stable portfolio flows, with outflows in just seven years since FY98. The first bout of outflows, albeit a short-lived one, was seen post the Asian Financial crisis.

FPI flows have been positive in 10 of the last 15 years, with five years seeing inflows of over $20 billion. The highest FPI flows were seen in FY15 at $45.7 billion, with debt investments peaking at $27.3 billion.

“This was the time when the government also had more liberal terms for FPI investment in both government and corporate debt. This was probably the golden year because after FY15 there