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India’s International Investment Position (IIP), December 2022

Today, the Reserve Bank released data relating to India’s International Investment Position for end-December 2022[1].

Key Features of India’s IIP in end-December 2022

  • Net claims of non-residents on India declined by US$ 12.0 billion during October-December 2022 and stood at US$ 374.5 billion as at end-December 2022.

  • The reduction in net claims was due to higher rise in Indian residents’ overseas financial assets (US$ 28.7 billion) as compared with the increase in foreign liabilities of Indians (US$ 16.7 billion) (Table 1).

  • The rise in Indian residents’ foreign assets during Q3:2022-23 was mainly on account of an increase of US$ 30.0 billion in reserve assets, which had earlier declined by US$ 56.5 billion in the previous quarter.

  • Reserve assets accounted for 64.3 per cent of India’s international financial assets as at end-December 2022 (Table 2).

  • Trade credits and loans were primary contributors to the rise in India’s foreign liabilities.

  • Variation in the exchange rate of rupee vis-a-vis other currencies impacted the change in liabilities, when valued in the US dollar terms, as the rupee depreciated by 1.49 per cent during the quarter.

  • The share of debt liabilities in total external liabilities increased to 50.2 per cent as at end-December 2022 from 49.8 per cent a quarter ago and 48.4 per cent a year ago (Table 3).

  • India’s international assets covered 70.0 per cent of India’s international liabilities in December 2022 as compared with 72.5 per cent a year earlier.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/1948


Table 1: Overall International Investment Position of India
(US$ billion)
Period Dec-21 (PR) Mar-22 (PR) Jun-22 (PR) Sep-22 (PR) Dec-22 (P)
Net IIP (A-B) -352.4 -358.2 -355.1 -386.5 -374.5
A. Assets 928.0 920.6 891.7 847.0 875.7
1. Direct Investment 208.1 211.6 214.5 217.4 222.6
1.1 Equity and investment fund shares 130.9 132.8 134.6 136.3 140.0
1.2 Debt instruments 77.2 78.8 79.9 81.1 82.6
2. Portfolio Investment 9.7 10.6 10.7 11.0 10.9
2.1 Equity and investment fund shares 6.1 1.1 8.2 6.3 8.6
2.2 Debt Securities 3.6 9.5 2.5 4.7 2.3
3. Other Investment 76.6 91.1 77.3 85.9 79.5
3.1 Trade Credits 12.9 18.6 21.1 24.7 26.1
3.2 Loans 8.9 10.5 6.5 8.1 8.6
3.3 Currency and Deposits 34.8 42.1 30.2 33.5 27.1
3.4 Other Assets 20.0 19.9 19.5 19.6 17.7
4. Reserve Assets 633.6 607.3 589.2 532.7 562.7
B. Liabilities 1,280.4 1,278.8 1,246.8 1,233.5 1,250.2
1. Direct Investment 514.1 521.6 517.3 510.2 510.7
1.1 Equity and investment fund shares 487.9 494.0 489.6 482.0 482.1
1.2 Debt instruments 26.2 27.6 27.7 28.2 28.6
2. Portfolio Investment 284.7 270.5 246.4 245.8 245.7
2.1 Equity and investment fund shares 172.8 156.4 135.5 137.0 140.5
2.2 Debt Securities 111.9 114.1 110.9 108.8 105.2
3. Other Investment 481.6 486.7 483.1 477.5 493.8
3.1 Trade Credits 113.4 118.2 123.2 123.5 126.3
3.2 Loans 194.9 195.3 191.6 188.5 194.8
3.3 Currency and Deposits 143.5 141.0 137.4 135.6 136.1
3.4 Other Assets 29.8 32.2 30.9 29.9 36.6
Memo item: Assets to Liability Ratio (%) 72.5 72.0 71.5 68.7 70.0
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-21 (PR) Mar-22 (PR) Jun-22 (PR) Sep-22 (PR) Dec-22 (P)
A. Assets
1. Direct Investment 22.4 23.0 24.0 25.7 25.4
2. Portfolio Investment 1.0 1.1 1.2 1.3 1.2
3. Other Investment 8.3 9.9 8.7 10.1 9.1
4. Reserve Assets 68.3 66.0 66.1 62.9 64.3
Total 100.0 100.0 100.0 100.0 100.0
B. Liabilities
1. Direct Investment 40.2 40.8 41.5 41.4 40.8
2. Portfolio Investment 22.2 21.1 19.8 19.9 19.7
3. Other Investment 37.6 38.1 38.7 38.7 39.5
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-21 (PR) Mar-22 (PR) Jun-22 (PR) Sep-22 (PR) Dec-22 (P)
Non-Debt Liabilities 51.6 50.9 50.1 50.2 49.8
Debt Liabilities 48.4 49.1 49.9 49.8 50.2
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 2022 was released in the RBI website on December 30, 2022.

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