Indian outbound investment is undergoing a fundamental reorientation—and the conventional wisdom is dangerously outdated. Our analysis of 779 expansion signals reveals Indian companies pivoting decisively from ASEAN to North America, which now captures 42% of all activity. But the story isn’t just geographic—it’s structural. AI companies concentrate in the US for validation (16% of North America activity), while manufacturing plays target Japan exclusively. ASEAN has collapsed 60%, driven by strategic withdrawal from operational complexity rather than temporary pause. The most striking pattern? Indian firms export different business models to different regions: management consulting to ASEAN (10% vs 2% globally), enterprise software to North America (44% vs 31% globally). This isn’t expansion—it’s capability segmentation. Powered by Nueconomy’s CUE expansion intelligence platform, this edition decodes where Indian capital and talent actually flow in 2024-2025, with actionable predictions for 2026.