Page 21 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 5.0 per cent in October,
2025 over October, 2024. Its cumulative index declined by 3.1 per cent during April to October,
2025-26 over corresponding period of the previous year.

• Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased
by 4.6 per cent in October, 2025 over October, 2024. Its cumulative index increased by 0.4 per
cent during April to October, 2025-26 over corresponding period of the previous year.

• Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 7.4 per cent in October, 2025
over October, 2024. Its cumulative index increased by 0.7 per cent during April to October, 2025-
26 over corresponding period of the previous year.

• Steel - Steel production (weight: 17.92 per cent) increased by 6.7 per cent in October, 2025 over
October, 2024. Its cumulative index increased by 10.3 per cent during April to October, 2025-26
over corresponding period of the previous year.

• Cement - Cement production (weight: 5.37 per cent) increased by 5.3 per cent in October, 2025
over October, 2024. Its cumulative index increased by 7.3 per cent during April to October, 2025-
26 over corresponding period of the previous year.

• Electricity - Electricity generation (weight: 19.85 per cent) declined by 7.6 per cent in October,
2025 over October, 2024. Its cumulative index declined by 0.1 per cent during April to October,
2025-26 over corresponding period of the previous year.

7. Net FDI to India doubles to $7.64 bn in April-September - RBI data

• Net foreign direct investment (FDI) in India more than doubled to $7.64 billion during the first half
(April-September) of 2025-26 (H1FY26) from $3.4 billion a year ago on rise in money brought into
the country and moderation in repatriation, according to Reserve Bank of India (RBI) data.

• However, the data for the month of September 2025 presented an adverse picture, with net FDI
in negative at $2.37 billion, higher than negative of $1.17 billion in September 2024.

• For H1FY26, gross FDI inflows increased by 16.14 per cent year-on-year (Y-o-Y) to $50.36 billion
from $ 43.36 billion in H1FY25.

• Repatriation/disinvestment by those who made direct investments in India declined marginally to
$26.4 billion during H1FY26 from $27.79 billion in H1FY25.

• Overseas investments made by Indian firms, i.e., outward FDI, rose to $16.32 billion in H1FY26
from $12.17 billion a year ago.

• The State of the Economy report in RBI’s November 2025 bulletin noted that gross inward FDI
remained robust in September, with Singapore, Mauritius, the UAE, Luxembourg, and Qatar
together accounting for about 78 per cent of total inflows. The major recipient sectors were
manufacturing, retail & wholesale trade, communication services, financial services, and

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