Key Features of India’s IIP in end-September 2023:
Net claims of non-residents on India rose marginally during Q2:2023-24 to US$ 380.9 billion in September 2023.
Foreign-owned financial assets in India recorded higher increase (US$ 7.4 billion) vis-à-vis Indian residents’ overseas financial assets (US$ 6.0 billion), which led to the increase in net claims of non-residents (Table 1).
Indian residents’ foreign assets increased during July-September 2023 due to rise in currency and deposits as well as overseas direct investment, even though reserve assets and loans declined during the quarter.
Despite some reduction in direct investment liabilities, India’s total foreign liabilities rose during Q2:2023-24 due to increase in portfolio and other investments.
Reserve assets accounted for 63.0 per cent of India’s international financial assets at end-September 2023 (Table 2).
Variation in the exchange rate of the Indian rupee vis-à-vis other currencies impacted the change in liabilities, when valued in US dollar terms.
The ratio of India’s international financial assets to international financial liabilities improved to 71.0 per cent in September 2023 (68.7 per cent a year ago).
The share of debt liabilities in total external liabilities rose marginally to 50.3 per cent in September 2023 (49.8 per cent a year ago) (Table 3)
(Yogesh Dayal) Chief General Manager
Press Release: 2023-2024/1573
Table 1: Overall International Investment Position of India
(US$ billion)
Period
Sep-22 (PR)
Dec-22 (PR)
Mar-23 (PR)
Jun-23 (PR)
Sep-23
(P)
Net IIP (A-B)
-386.5
-373.1
-367.4
-379.5
-380.9
A. Assets
846.8
875.8
902.7
926.8
932.8
1. Direct Investment
217.2
222.7
225.5
227.8
231.3
1.1 Equity and investment fund shares
136.2
140.1
142.0
143.5
145.3
1.2 Debt instruments
81.0
82.6
83.5
84.3
86.0
2. Portfolio Investment
11.0
10.9
11.0
11.3
11.6
2.1 Equity and investment fund shares
6.3
8.6
5.0
8.7
7.9
2.2 Debt securities
4.7
2.3
6.0
2.6
3.7
3. Other Investment
85.9
79.5
87.7
92.6
102.2
3.1 Trade Credits
24.6
26.1
27.5
29.7
31.1
3.2 Loans
8.1
8.6
10.7
14.5
9.7
3.3 Currency and Deposits
33.5
27.1
30.5
30.6
43.4
3.4 Other Assets
19.7
17.7
19.0
17.8
18.0
4. Reserve Assets
532.7
562.7
578.5
595.1
587.7
B. Liabilities
1,233.3
1,248.9
1,270.1
1,306.3
1,313.7
1. Direct Investment
510.2
510.7
523.3
532.3
528.6
1.1 Equity and investment fund shares
482.0
482.1
493.9
501.4
497.7
1.2 Debt instruments
28.2
28.6
29.4
30.9
30.9
2. Portfolio Investment
244.3
244.2
243.5
258.4
259.4
2.1 Equity and investment fund shares
137.0
140.5
139.0
152.9
154.6
2.2 Debt securities
107.3
103.7
104.5
105.5
104.8
3. Other Investment
478.8
494.0
503.3
515.6
525.7
3.1 Trade Credits
123.2
124.6
124.3
119.3
122.8
3.2 Loans
190.2
196.7
202.5
207.1
209.0
3.3 Currency and Deposits
135.6
136.1
141.1
144.1
146.1
3.4 Other Assets
29.8
36.6
35.4
45.1
47.8
Memo Item: Assets to Liability ratio (%)
68.7
70.1
71.1
70.9
71.0
Note:
PR: Partially revised, P: Provisional
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-22 (PR)
Dec-22 (PR)
Mar-23 (PR)
Jun-23 (PR)
Sep-23
(P)
A. Assets
1. Direct Investment
25.7
25.4
25.0
24.6
24.8
2. Portfolio Investment
1.3
1.2
1.2
1.2
1.2
3. Other Investment
10.1
9.1
9.7
10.0
11.0
4. Reserve Assets
62.9
64.3
64.1
64.2
63.0
Total
100.0
100.0
100.0
100.0
100.0
B. Liabilities
1. Direct Investment
41.4
40.9
41.2
40.7
40.2
2. Portfolio Investment
19.8
19.6
19.2
19.8
19.8
3. Other Investment
38.8
39.5
39.6
39.5
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
Sep-22 (PR)
Dec-22 (PR)
Mar-23 (PR)
Jun-23 (PR)
Sep-23
(P)
Non-Debt Liabilities
50.2
49.9
49.8
50.1
49.7
Debt Liabilities
49.8
50.1
50.2
49.9
50.3
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 2023 was released in the RBI website on September 28, 2023.
RbiTtsCommonUtility
PLAYING
LISTEN
LOADING...
0:062:49
Related Assets
RBI-Install-RBI-Content-Global
RbiSocialMediaUtility
Share this page:
Install the RBI mobile application and get quick access to the latest news!
RbiWasItHelpfulUtility
Was this page helpful?Thanks!
Would like to give more details?
Thank you for your feedback!Thank you for your feedback!