Foreign portfolio investors (FPIs) have pulled nearly US$17 billion from Indian equities so far this year, marking one of the largest outflows in Asia. This compares to net inflows of just US$124 million in 2024, reflecting growing global capital caution and higher-risk perception in emerging-market allocations. Analysts suggest that renewed foreign interest, combined with improving corporate earnings, could be a trigger for a broader market recovery, although valuations and global rate paths remain key headwinds.