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

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

Key Features of India’s IIP in end-June 2024:

  • Net claims of non-residents on India increased by US$ 6.7 billion during Q1:2024-25 to US$ 368.3 billion in June 2024.
  • The rise in net claims of non-residents during the quarter was due to higher increase in foreign-owned assets in India (US$ 28.8 billion) vis-à-vis  that in Indian residents’ overseas financial assets (US$ 22.1 billion) (Table 1).
  • Inward direct investment was the largest contributor to the rise in foreign liabilities during April-June 2024 followed by currency and deposits, loans and trade credit.
  • Reserve assets accounted for one-fourth of the rise in Indian residents’ overseas financial assets during the quarter; currency and deposits, loans and direct investments were other major factors.
  • Reserve assets accounted for 62 per cent of India’s international financial assets in June 2024 (Table 2)
  • The ratio of India’s international assets to international liabilities improved to 74.1 per cent in June 2024 from 71.3 per cent a year ago.
  • The share of debt liabilities in total external liabilities increased marginally during the quarter  and stood at 52 per cent in June 2024 (Table 3).

(Puneet Pancholy)     
Chief General Manager

Press Release: 2024-2025/1193

 


Table 1: Overall International Investment Position of India
(US$ billion)
Period Jun-23 (PR) Sep-23 (PR) Dec-23 (PR) Mar-24 (PR) Jun-24 (P)
Net IIP (A-B) -379.0 -382.0 -368.2 -361.6 -368.3
A. Assets 943.0 946.7 993.5 1,029.3 1,051.4
  1. Direct Investment 228.2 232.1 236.5 242.3 246.1
    1.1 Equity and investment fund shares 143.9 146.2 149.4 153.3 156.1
    1.2 Debt instruments 84.3 85.9 87.1 89.0 90.0
  2. Portfolio Investment 14.5 12.1 11.7 12.1 12.1
    2.1 Equity and investment fund shares 12.6 9.0 9.5 10.6 10.4
    2.2 Debt securities 1.9 3.1 2.2 1.5 1.7
  3. Other Investment 105.2 114.8 122.8 128.5 141.2
    3.1 Trade Credits 29.7 30.9 31.7 33.5 32.9
    3.2 Loans 13.0 8.3 14.8 13.6 16.8
    3.3 Currency and Deposits 33.1 45.8 44.5 52.8 57.0
    3.4 Other Assets 29.4 29.8 31.8 28.6 34.5
  4. Reserve Assets 595.1 587.7 622.5 646.4 652.0
B. Liabilities 1,322.0 1,328.7 1,361.7 1,390.9 1,419.7
   1. Direct Investment 532.3 528.5 536.8 542.7 552.2
    1.1 Equity and investment fund shares 501.4 497.6 505.6 511.1 520.3
    1.2 Debt instruments 30.9 30.9 31.2 31.6 31.9
  2. Portfolio Investment 258.5 259.3 269.1 277.2 277.3
    2.1 Equity and investment fund shares 152.9 154.6 161.2 162.1 160.9
    2.2 Debt securities 105.6 104.7 107.9 115.1 116.4
  3. Other Investment 531.2 540.9 555.8 571.0 590.2
    3.1 Trade Credits 119.3 124.8 123.2 123.6 126.6
    3.2 Loans 206.9 208.8 214.9 221.9 225.0
    3.3 Currency and Deposits 144.1 146.2 149.3 154.8 160.6
    3.4 Other Liabilities 60.9 61.1 68.4 70.7 78.0
of which:          
Special drawing rights (Net incurrence of liabilities) 22.0 21.8 22.2 21.9 21.8
Memo Item: Assets to Liability ratio (%) 71.3 71.3 73.0 74.0 74.1
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 Jun-23 (PR) Sep-23 (PR) Dec-23 (PR) Mar-24 (PR) Jun-24 (P)
A. Assets
    1. Direct Investment 24.2 24.5 23.8 23.5 23.4
    2. Portfolio Investment 1.5 1.3 1.2 1.2 1.2
    3. Other Investment 11.2 12.1 12.3 12.5 13.4
    4. Reserve Assets 63.1 62.1 62.7 62.8 62.0
Total 100.0 100.0 100.0 100.0 100.0
B. Liabilities
    1. Direct Investment 40.3 39.8 39.4 39.0 38.9
    2. Portfolio Investment 19.6 19.5 19.8 19.9 19.5
    3. Other Investment 40.1 40.7 40.8 41.1 41.6
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 Jun-23 (PR) Sep-23 (PR) Dec-23 (PR) Mar-24 (PR) Jun-24 (P)
Non-Debt Liabilities 49.5 49.1 49.0 48.4 48.0
Debt Liabilities 50.5 50.9 51.0 51.6 52.0
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-March 2024 was released in the RBI website on June 25, 2024.

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