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India’s International Investment Position (IIP), September 2024

तारीख: डिसें 30, 2024

Today, the Reserve Bank released data relating to India’s International Investment Position for end-September 2024^[1].

Key Features of IIP in end-September 2024:

Net claims of non-residents on India declined by US$ 19.8 billion during Q2:2024-25 to US$ 348.5 billion in September 2024.
Higher rise in Indian residents’ overseas financial assets (US$ 66.5 billion) as compared to that in the foreign-owned assets in India (US$ 46.7 billion) led to the decline in net claims of non-residents during the quarter (Table 1).
Over 80 per cent of the increase in overseas financial assets during July-September 2024 was due to the surge of US$ 53.8 billion in the reserve assets.
Reserve assets had 63 per cent share in India’s total international financial assets in September 2024 (Table 2).
Rise in inward portfolio investment (US$ 16.5 billion) and loans (US$ 15.4 billion) together accounted for over two-thirds of the rise in foreign liabilities of Indian residents during the quarter.
Variation in the exchange rate of rupee vis-a-vis other currencies impacted the change in liabilities, when valued in US dollar terms.
The ratio of India’s international assets to international liabilities improved to 76.2 per cent in September 2024 from 74.1 per cent a quarter ago and 71.4 per cent a year ago.
The share of debt liabilities in total external liabilities increased to 52.7 per cent in September 2024 from 51.1 per cent a year ago (Table 3).

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1810

Table 1: Overall International Investment Position of India
(US$ billion)
Period	Sep-23 (PR)	Dec-23 (PR)	Mar-24 (PR)	Jun-24 (PR)	Sep-24 (P)
Net IIP (A-B)	-382.0	-368.1	-361.5	-368.3	-348.5
A. Assets	952.2	999.0	1,033.5	1,051.3	1,117.8
1. Direct Investment	232.1	236.5	242.3	246.2	253.5
1.1 Equity and investment fund shares	146.2	149.4	153.4	156.2	161.5
1.2 Debt instruments	85.9	87.1	88.9	90.0	92.0
2. Portfolio Investment	12.1	11.7	12.1	12.1	12.3
2.1 Equity and investment fund shares	9.0	9.5	10.6	10.4	11.0
2.2 Debt securities	3.1	2.2	1.5	1.7	1.3
3. Other Investment	120.3	128.3	132.7	141.0	146.2
3.1 Trade Credits	30.8	31.7	33.5	32.9	32.4
3.2 Loans	12.0	18.5	17.6	20.8	22.2
3.3 Currency and Deposits	45.7	44.3	53.5	57.8	56.1
3.4 Other Assets	31.8	33.8	28.1	29.5	35.5
4. Reserve Assets	587.7	622.5	646.4	652.0	705.8
B. Liabilities	1,334.2	1,367.1	1,395.0	1,419.6	1,466.3
1. Direct Investment	528.7	536.9	542.9	552.9	555.5
1.1 Equity and investment fund shares	497.6	505.6	511.1	520.7	523.0
1.2 Debt instruments	31.1	31.3	31.8	32.2	32.5
2. Portfolio Investment	259.3	269.0	277.0	277.1	293.6
2.1 Equity and investment fund shares	154.6	161.2	162.0	160.9	170.9
2.2 Debt securities	104.7	107.8	115.0	116.2	122.7
3. Other Investment	546.2	561.2	575.1	589.6	617.2
3.1 Trade Credits	124.7	123.2	123.7	126.6	129.9
3.2 Loans	208.7	214.8	221.7	224.8	240.2
3.3 Currency and Deposits	146.2	149.3	154.8	160.6	164.1
3.4 Other Liabilities	66.6	73.9	74.9	77.6	83.0
of which:
Special drawing rights (Net incurrence of liabilities)	21.8	22.2	21.9	21.8	22.4
Memo Item: Assets to Liability ratio (%)	71.4	73.1	74.1	74.1	76.2
Notes (applicable for all tables): 1. P: Provisional; PR: Partially Revised; and R: Revised. 2. The sum of the constituent items may not add to the total due to rounding off.

Table 2: Composition of International Financial Assets and Liabilities of India
(per cent)
Period	Sep-23 (PR)	Dec-23 (PR)	Mar-24 (PR)	Jun-24 (PR)	Sep-24 (P)
A. Assets
1. Direct Investment	24.4	23.7	23.4	23.4	22.7
2. Portfolio Investment	1.3	1.2	1.2	1.2	1.1
3. Other Investment	12.6	12.8	12.8	13.4	13.1
4. Reserve Assets	61.7	62.3	62.6	62.0	63.1
Total	100.0	100.0	100.0	100.0	100.0
B. Liabilities
1. Direct Investment	39.6	39.3	38.9	39.0	37.9
2. Portfolio Investment	19.5	19.7	19.9	19.5	20.0
3. Other Investment	40.9	41.0	41.2	41.5	42.1
Total	100.0	100.0	100.0	100.0	100.0

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period	Sep-23 (PR)	Dec-23 (PR)	Mar-24 (PR)	Jun-24 (PR)	Sep-24 (P)
Non-Debt Liabilities	48.9	48.8	48.3	48.0	47.3
Debt Liabilities	51.1	51.2	51.7	52.0	52.7
Total	100.0	100.0	100.0	100.0	100.0

^[1] India’s quarterly IIP is disseminated with a lag of one quarter and the previous quarterly IIP for end-June 2024 was released in the RBI website on September 30, 2024.

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