FDI in India: Rules, Routes and Approvals for Foreign Investors (2026)

Short answer: FDI in India is permitted up to 100% under the automatic route in most sectors, including manufacturing, telecom and, since 2 May 2026, insurance: no prior approval, only filings with the Reserve Bank of India (RBI) after the money arrives [1][2][5]. Government approval through the National Single Window System (NSWS) is required in a few capped sectors and, in every sector, where someone from a country sharing a land border with India holds more than the anti-money-laundering threshold (currently 10% for a company) or has control anywhere up the ownership chain (Press Note 3 of 2020, as replaced by Press Note 2 of 2026) [3][4][14]. DPIIT’s May 2026 procedure keeps a 12-week decision target [3], but the same clock existed before and land-border approvals commonly took four to eight months or longer, so allow at least six months.

Who this is for: general counsel, CFOs and corporate-development leads at UK, US and European groups deciding how to invest in India.

What counts as foreign direct investment (FDI) in India and who regulates it

FDI is a non-resident’s investment in equity shares, compulsorily convertible preference shares or debentures, or share warrants of an Indian company: any stake in an unlisted company, or 10% or more of a listed one [2]. The FDI rules in India are the Foreign Exchange Management Act 1999 (FEMA) and the FEMA (Non-Debt Instruments) Rules 2019 (“NDI Rules”), consolidated by the RBI to 2 September 2026 [2]. India’s FDI policy is the Consolidated FDI Policy 2020 as amended by Press Notes [1]. The Department for Promotion of Industry and Internal Trade (DPIIT) runs approvals on NSWS [3][12]; the RBI receives post-investment reports through your Indian bank [8].

Sectors are open at 100% automatic unless the rules say otherwise. Total inflows reached a record USD 94.53bn in FY2025-26 (up 17% on FY2024-25’s USD 80.62bn; equity inflows USD 58.84bn, up 18%) and USD 19.81bn in April–June 2026 (up 6%) [6][23][24].

Which approval route applies to you: automatic or government

For a fuller explanation of the two routes, see Automatic route vs government route in India FDI.

Four questions decide the route:

1. Is the sector prohibited or capped?
2. Does the stake exceed the automatic limit?
3. Does anyone in the ownership chain from a land-border country hold above the threshold or have control?
4. Is it a fresh issue, a transfer or a downstream investment?

Sources: [1][2][3][4].

A transfer that creates restricted beneficial ownership also needs prior approval [4]. Downstream investment by a foreign-owned or controlled Indian company follows the same routes and caps, must be funded from abroad or internal accruals (not Indian borrowings) and is reported on Form DI within 30 days [1].

Which vehicle: wholly owned subsidiary, joint venture, LLP or branch?

For most groups setting up a company in India, the vehicle is a private limited company: a wholly owned subsidiary (in 100%-automatic sectors) or a joint-venture company. An LLP can take automatic-route FDI only in 100%-automatic sectors without FDI-linked performance conditions [1]. Branch, liaison and project offices are not FDI; they follow a separate RBI framework [20]. For the tax cost of each vehicle, see India corporate tax rate for foreign companies: subsidiary vs branch vs PE (ATB Corporate).

FDI limits in India by sector (October 2026)

News media (26%), FM radio and news television (49%) are government-route; scheduled airlines are 49% automatic [2].

Prohibited: lottery, gambling and betting; chit funds; Nidhi companies; trading in transferable development rights; real estate business and farmhouses; cigars, cigarettes and tobacco substitutes; atomic energy and railway operations [1]. Township, housing and infrastructure development is open. Atomic energy stays prohibited for now: the SHANTI Act 2025 opens nuclear power to private capital and a nuclear FDI policy is reportedly in preparation, but no Press Note has issued [1][26].

Press Note 3 and the 2026 land-border rules: does it catch your group?

Press Note 3 (2020) put on the government route any investment from an entity or citizen of Afghanistan, Bangladesh, Bhutan, China, Myanmar, Nepal or Pakistan, or whose beneficial owner is one [14]. Press Note 2 (2026) replaced the test with effect from the FEMA (Non-Debt Instruments) Amendment Rules 2026 (S.O. 2174(E), dated 1 May 2026, published in the Gazette on 2 May 2026) [2][4]:

• Threshold: beneficial ownership follows India’s anti-money-laundering rules (PML Rules, rule 9(3), as amended in March and September 2023): more than 10% of shares, capital or profits for companies and partnerships, 10% or more for trust beneficiaries, and more than 15% for unincorporated associations [15]. A 10.0% holder is outside the ownership limb; control triggers approval at any percentage.
• Look-through: the test reaches indirect holdings and ultimate effective control “in any manner”, so intermediate companies do not break the chain [4].
• Below threshold, no control: automatic route, but the Indian company files the LBC form on NSWS before remittance (or before signing, if nothing is remitted) [3]. The Rules also contemplate RBI reporting in a form it specifies [2]; none had been published by mid-2026.
• Carve-outs: multilateral banks and funds of which India is a member are not attributed to any country; a listed investor may disclose by its stock-exchange shareholding pattern [4].
• Listed shares: the Third Amendment Rules of 12 June 2026, which open portfolio purchases of listed shares to any individual resident outside India, carry the same prior-approval condition where a purchase or transfer would pass ownership or control of a listed company to land-border owners [2].
• 60-day fast track (Schedule II): land-border holding up to 49%, resident Indians keep majority ownership and control “at all times”, in capital goods, electronic components, polysilicon and wafers, advanced battery components, rare-earth magnets or rare-earth processing [3].

Why a Western group should care. A UK or US parent with a more-than-10% shareholder controlled from mainland China is caught; so is a fund with a land-border general partner or anchor investor, or a JV partner with such an owner. DPIIT has clarified that Hong Kong-registered entities, like mainland ones, stay on the government route; Hong Kong supplied 13 of the 63 approvals in FY2025-26, the mainland one [27]. Screen the cap table before the term sheet.

The FDI Approval Process on NSWS: Documents and Timelines

Government-route FDI proposals are now filed on the National Single Window System (NSWS), with which the former Foreign Investment Facilitation Portal (FIFP) has been integrated [12].

1. Map the ownership chain to the natural persons at the top [3].
2. Assemble the Annexure I pack: shareholding and fund-flow charts, constitutional documents and accounts, transaction documents, valuation certificate, sanctions undertaking, affidavit and apostilled translations [3].
3. File on NSWS; DPIIT routes it to the competent ministry [1][3].
4. Answer queries within the seven-day windows: after one query and two reminders the file may be closed (not rejected) and must be re-filed [3].
5. After approval, notify further foreign equity within 30 days of receipt [3].

Source: [3]. Applicant response time is excluded. The SOP’s “no comments” presumption now extends to MHA, but do not plan on clearance by silence [3]. Treat 12 weeks as a floor: the 2023 SOP set the same clock, and land-border cases took four to eight months or longer in practice. DPIIT cleared 63 proposals worth INR 10,300 crore in FY2025-26 [27]. Proposals above INR 5,000 crore (about GBP 394m) go to the Cabinet Committee on Economic Affairs [1].

Pricing guidelines, deferred consideration and options

• Pricing. A non-resident subscribing for or buying unlisted shares pays at least fair value, certified by a chartered accountant, SEBI-registered merchant banker or practising cost accountant, and sells at no more than it. Listed shares follow SEBI pricing [2].
• Deferred consideration. Up to 25% of the price for up to 18 months, by deferral, escrow or indemnity [2].
• Options. Allowed after a one-year lock-in, at the price permitted on exercise, with no assured return [2].

Reporting after the money lands: FC-GPR, FC-TRS, Form DI and FLA

Late FC-GPR, FC-TRS or Form DI filings attract a Late Submission Fee of INR 7,500 plus 0.025% of the amount per year of delay (rounded up to the month), capped at the amount; a late FLA return costs a flat INR 7,500. The fee must be paid within 30 days of the RBI’s advice, and the route is open only for three years from the due date; older delays fall outside the LSF route and face penal action under FEMA, in practice compounding [7].

Worked example: a UK group’s INR 115 crore (about GBP 9.1m) entry, three ways

Illustrative only. Investment INR 115 crore (about GBP 9.1m). FX: INR 127 = GBP 1, INR 96 = USD 1, INR 107 = EUR 1 (FBIL reference rates, 12 October 2026, rounded) [33].

A — Clean shareholder register, new manufacturing subsidiary. 100% automatic: no approval. Remit INR 115 crore, allot within 60 days, file FC-GPR within 30 days of allotment and the FLA return each 15 July.

B — 12% of the UK parent is held by a group controlled from mainland China. Above 10%, so government route plus MHA clearance. SOP target 12 weeks plus query time; budget six months or more. The 60-day track does not help (it needs Indian majority control), and inserting a UAE or Singapore holding company changes nothing.

C — Buying 60% of an Indian manufacturer for INR 400 crore (about GBP 31.5m). Automatic route. Pay at least certified fair value; up to INR 100 crore (25%) can be escrowed for 18 months; the resident seller files FC-TRS within 60 days. At INR 400 crore the INR 2,000 crore deal-value test does not apply, and a target with India assets below INR 450 crore or turnover below INR 1,250 crore is outside merger control under the small-target exemption, now statutory (section 5 of the Competition Act with the Minimum Value of Assets or Turnover Rules 2024, in force 10 September 2024, no expiry) [9][28]; see Joint venture in India or acquisition: deal structure and shareholder protections.

Late-filing cost (A). FC-GPR filed 100 days late; rounded up to 4 months = 0.33 years. Fee: INR 7,500 + (0.025% × INR 1,150,000,000 × 0.33) = INR 7,500 + 94,875 = INR 102,375, which the RBI rounds up to the nearest hundred: INR 102,400 (about GBP 806) [7]. The bigger cost is later due-diligence questions.

Where to hold the investment

The holding company decides treaty withholding rates, exit taxation and bilateral investment treaty (BIT) cover. It does not change the Press Note 3 analysis: the test looks through every intermediate entity, so a UAE or Singapore holding company neither creates nor removes a land-border link [4].

The India–UAE BIT has been in force since 31 August 2024. Article 36.1 of the India–UAE BIT denies the treaty’s benefits to an investor owned or controlled, directly or indirectly, by persons of a non-Party; read literally, a UAE holding company owned by a UK, US or European group is excluded whatever its substance, although no tribunal has yet ruled on the clause [34]. India terminated the UK BIT on 22 March 2017 and the Netherlands BIT on 1 December 2016; each still protects pre-termination investments for 15 years (to about March 2032 and December 2031) [21][29]. The UK–India CETA (in force 15 July 2026; see India–UK trade deal (CETA) in force: what UK businesses can use now) has no investment chapter, and so no investor–state arbitration, and a new UK–India BIT is unsigned (talks were reported stalled in April 2026; India’s revised model BIT, nearing Cabinet approval in September 2026, is expected to unlock them); the EU–India FTA (concluded, not yet signed) leaves investment protection to a separate agreement under negotiation since 2022 [22][30][31][32]. On treaty cover, see India bilateral investment treaty protection; for the commercial choice of holding jurisdiction, see Invest in India: choosing a holding company jurisdiction (hub) (ATB Corporate).

Risks and common mistakes, ranked

1. Not screening for land-border owners (funds, JV partners, Hong Kong holders): found after completion, it means a missing approval [4].
2. Assuming a holding company cures a land-border link [4].
3. Treating “automatic” as unconditional: sector licences, sourcing and resident-officer rules apply [1][5].
4. Mispricing a fresh issue or a purchase from a resident against the fair-value certificate [2].
5. Options with an assured exit price [2].
6. Missing the 60-day allotment or 30-day FC-GPR deadline [7][16].

Checklist for the board paper

Before setting up a company in India or signing an acquisition:

• ☐ Sector, cap and route confirmed against the NDI Rules at filing date.
• ☐ Ownership screen: 10% threshold, control rights, funds, JV partner, Hong Kong links.
• ☐ Vehicle: wholly owned subsidiary, JV company or LLP.
• ☐ Holding jurisdiction chosen for tax and treaty reasons.
• ☐ Dated fair-value certificate.
• ☐ SHA options and deferral FEMA-compliant.
• ☐ Government route: NSWS pack, MHA form, 6+ months in the timetable.
• ☐ Filing calendar: allotment, FC-GPR/FC-TRS, Form DI, FLA.

About ATB Legal

ATB Legal is a law firm advising on Indian and UAE law. Its work covers corporate and commercial matters, foreign investment and exchange control, mergers and acquisitions, international trade and customs, and dispute resolution, including arbitration. Contact details.

This article is general information, not legal advice, and is not a solicitation of work. Under the Bar Council of India rules, Indian advocates may not advertise or solicit work.

FAQ

Is 100% FDI allowed in India? Yes, 100% FDI is allowed in India in most sectors under the automatic route, including manufacturing, telecom services and, since 2 May 2026, insurance, with no prior approval and only RBI filings after the money arrives. Some sectors are capped: defence is 74% automatic for a company seeking a new industrial licence, private banks 74% (49% automatic) and multi-brand retail 51% through the government route [1][5].

Can a foreign company own 100% of an Indian subsidiary? Yes, a foreign company can own 100% of an Indian subsidiary in any sector open to 100% FDI under the automatic route, such as manufacturing, provided no owner from a country sharing a land border with India holds more than the threshold (10% for a company) or has control anywhere in the ownership chain. If one does, government approval is needed in every sector, and intermediate holding companies do not break the chain [1][4].

What is the difference between the automatic route and the government route for FDI in India? The difference between the automatic route and the government route for FDI in India is prior approval: the automatic route needs none, only RBI reporting after the money arrives, while the government route needs ministry approval through the National Single Window System first. The government route applies above sector limits, in government-route sectors and wherever a land-border owner exceeds the threshold or has control; DPIIT’s decision target is 12 weeks [1][3].

Who approves FDI in India? Under the government route, FDI in India is approved by the ministry or department responsible for the sector, after DPIIT receives the proposal on the National Single Window System and routes it there, with Ministry of Home Affairs security clearance where required, for example for investors from countries sharing a land border with India. Under the automatic route, no prior approval is needed: the investment is reported to the RBI after the money arrives.

Which sectors are prohibited for FDI in India? The sectors prohibited for FDI in India are lottery, gambling and betting; chit funds; Nidhi companies; trading in transferable development rights; real estate business and farmhouses; cigars, cigarettes and tobacco substitutes; atomic energy; and railway operations. Township, housing and infrastructure development is open. Atomic energy stays prohibited until a Press Note issues, although the SHANTI Act 2025 opens nuclear power to private capital [1][26].

Does Press Note 3 apply to a UK or US company with Chinese shareholders? Yes, Press Note 3 applies to a UK or US company with Chinese shareholders if a shareholder from China or another land-border country holds more than the threshold (more than 10% for a company) or has control, whatever holding companies sit in between. The test looks through to ultimate beneficial ownership, so a UAE or Singapore holding company does not remove the link. A 10.0% holder without control stays on the automatic route, subject to the LBC form [3][4][15].

How long does FDI approval take in India in 2026? Government-route FDI approval in India has a 12-week decision target under DPIIT’s May 2026 procedure, or 60 days for land-border minority stakes of up to 49% in the six Schedule II manufacturing sectors, but investors should budget at least six months. The 12-week clock is not new: land-border cases typically took four to eight months, sometimes a year. Automatic-route investments need no approval at all [3].

What is FC-GPR, and what happens if we file it late? FC-GPR is the report an Indian company files with the RBI, through its bank, within 30 days of allotting shares to a non-resident. Filing it late attracts a Late Submission Fee of INR 7,500 plus 0.025% of the amount per year of delay, capped at the amount and payable within 30 days of the RBI’s advice; delays more than three years past the due date fall outside the fee route and face penal action under FEMA [7][8].

Related reading

• EU–India trade deal (2026): status, FTA tariffs, rules of origin, CBAM and investment protection
• India–US trade deal (2026): status, tariffs and what is legally in force
• Foreign investment in India
• FDI advisory
• Legal guide to doing business in India
• Shareholder agreements

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Disclaimer: This article is general information, not legal or tax advice. FDI rules, Press Notes and RBI reporting requirements change frequently and outcomes depend on facts; verify against current law and take advice before acting.