<h1>Domestic private investment and policy uncertainty shape FDI inflows to India; tariffs and reserve diversification affect capital flows and exports</h1> Former RBI Governor argues that insufficient domestic private corporate investment impedes attraction of net FDI, and that raising domestic corporate investment is a prerequisite to restoring foreign direct inflows. He attributes part of weak FDI to policy uncertainty and to high US tariffs that hinder integration into global supply chains, which adversely affects labour-intensive exports; removal of the tariff overhang would facilitate greater FDI. RBI data showing consecutive monthly net FDI outflows is noted. He also discusses reserve management challenges as countries diversify away from US Treasuries, the role of portfolio rebalancing, and limited near-term alternatives to dollar bonds.