Exports by foreign subsidiary companies operating in India increased 14.3% year-on-year to Rs 23.76 lakh crore in FY26, compared with Rs 20.79 lakh crore in the previous financial year, according to the Reserve Bank of India’s (RBI) annual Census on Foreign Liabilities and Assets of Indian Direct Investment Entities.
Services accounted for 74.2% of total exports at Rs 17.63 lakh crore, up from Rs 15.30 lakh crore in FY25. Of the 27,373 foreign subsidiaries covered in the census, 17,443 reported exports during FY26.
Telecommunications, computer programming, consultancy, computing infrastructure and other information services emerged as the largest export segment, contributing Rs 12.26 lakh crore, or 51.6% of total exports. This was higher than Rs 10.62 lakh crore recorded in FY25.
Manufacturing exports rose to Rs 6.01 lakh crore from Rs 5.38 lakh crore, accounting for 25.3% of total exports. Within the segment, motor vehicles, trailers and semi-trailers contributed Rs 1 lakh crore, while exports of computer, electronic and optical products stood at Rs 77,816 crore. Machinery and equipment exports amounted to Rs 70,854 crore.
Pharmaceutical exports also increased to Rs 44,839 crore from Rs 39,363 crore in the previous financial year.
The RBI data further showed that exports accounted for 36.3% of the total sales reported by foreign subsidiaries in India. Their aggregate sales stood at Rs 65.49 lakh crore in FY26, with services contributing 51.1% and manufacturing accounting for 47%.
The annual census captures sales, purchases, exports and imports of foreign subsidiary companies operating in India, along with the foreign assets and liabilities of Indian entities having direct investment links.