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India’s International Investment Position (IIP), December 2023

Today, the Reserve Bank released data relating to India’s International Investment Position for end-December 2023[1].

Key Features of India’s IIP in end-December 2023:

  • Net claims of non-residents on India declined by US$ 12.2 billion during October-December 2023 to US$ 370.4 billion as at end-December 2023.
  • The decline in net claims was due to the higher rise in Indian residents’ overseas financial assets (US$ 40.7 billion) as compared to the increase in foreign-owned assets in India (US$ 28.5 billion) (Table 1).
  • Reserve assets recorded a significant rise (US$ 34.8 billion) and accounted for over 85 per cent of increase in foreign assets of Indian residents during Q3:2023-24.
  • The rise in India’s foreign liabilities was attributed to higher inward direct investments, portfolio investments and loans taken by resident entities; even as trade credits recorded a marginal decline.
  • Reserve assets accounted for 63.9 per cent of India’s international financial assets (Table 2).
  • The share of debt liabilities in total external liabilities remained at its level a quarter ago (50.4 per cent) (Table 3).
  • The ratio of India’s international financial assets to international financial liabilities improved to 72.4 per cent in December 2023 from 70.9 per cent a quarter ago.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/2143

Table 1: Overall International Investment Position of India

(US$ billion)

Period

Dec-22 (PR)

Mar-23 (PR)

Jun-23 (PR)

Sep-23 (PR)

Dec-23 (P)

Net IIP (A-B)

-373.2

-367.5

-379.6

-382.6

-370.4

A. Assets

875.8

902.7

926.9

933.0

973.7

1. Direct Investment

222.7

225.6

228.0

231.7

236.0

1.1 Equity and investment fund shares

140.1

142.1

143.7

145.8

148.9

1.2 Debt instruments

82.6

83.5

84.3

85.9

87.1

2. Portfolio Investment

10.9

11.0

11.3

11.6

11.3

2.1 Equity and investment fund shares

8.6

5.0

8.7

7.9

8.4

2.2 Debt securities

2.3

6.0

2.6

3.7

2.9

3. Other Investment

79.5

87.6

92.5

102.0

103.9

3.1 Trade Credits

26.1

27.5

29.7

30.9

31.7

3.2 Loans

8.6

10.7

14.5

9.7

16.3

3.3 Currency and Deposits

27.1

30.5

30.5

43.4

38.0

3.4 Other Assets

17.7

18.9

17.8

18.0

17.9

4. Reserve Assets

562.7

578.5

595.1

587.7

622.5

B. Liabilities

1249.0

1270.2

1306.5

1315.6

1344.1

1. Direct Investment

510.7

523.3

532.3

528.6

536.9

1.1 Equity and investment fund shares

482.1

493.9

501.4

497.7

505.7

1.2 Debt instruments

28.6

29.4

30.9

30.9

31.2

2. Portfolio Investment

244.2

243.6

258.6

259.4

269.2

2.1 Equity and investment fund shares

140.4

139.0

152.9

154.6

161.2

2.2 Debt securities

103.8

104.6

105.7

104.8

108.0

3. Other Investment

494.1

503.3

515.6

527.6

538.0

3.1 Trade Credits

124.6

124.3

119.3

124.7

122.5

3.2 Loans

196.8

202.6

207.1

208.9

215.0

3.3 Currency and Deposits

136.1

141.1

144.1

146.2

149.3

3.4 Other Assets

36.6

35.3

45.1

47.8

51.2

Memo Item: Assets to Liability ratio (%)

70.1

71.1

71.0

70.9

72.4

Note:

  1. PR: Partially revised, P: Provisional
  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

Dec-22 (PR)

Mar-23 (PR)

Jun-23 (PR)

Sep-23 (PR)

Dec-23 (P)

A. Assets

1. Direct Investment

25.4

25.0

24.6

24.8

24.2

2. Portfolio Investment

1.2

1.2

1.2

1.3

1.2

3. Other Investment

9.1

9.7

10.0

10.9

10.7

4. Reserve Assets

64.3

64.1

64.2

63.0

63.9

Total

100.0

100.0

100.0

100.0

100.0

B. Liabilities

1. Direct Investment

40.9

41.2

40.7

40.2

40.0

2. Portfolio Investment

19.5

19.2

19.8

19.7

20.0

3. Other Investment

39.6

39.6

39.5

40.1

40.0

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

Dec-22 (PR)

Mar-23 (PR)

Jun-23 (PR)

Sep-23 (PR)

Dec-23 (P)

Non-Debt Liabilities

49.8

49.8

50.1

49.6

49.6

Debt Liabilities

50.2

50.2

49.9

50.4

50.4

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-September 2023 was released in the RBI website on December 29, 2023.

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