evidence: Equity flows: The power of India Regarding SAR’s equity flows, portfolio equity flows turned negative in 2022 to the tune of US$17 billion in outflows, mostly driven by India as the region’s largest economy. India has always received most of the region’s foreign direct investment (FDI), never falling below 85 percent of the region’s total since 2012. As a result, the total amount of equity flows to the region is largely determined by India. Excluding India, South Asia’s seven IDA-eligible borrowers together recorded outflows multiple times over the past decade: in 2016 (US$201 million), in 2018 (US$533 million), in 2020 (US$1 billion), and in 2021 (US$870 million).