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Date : Sep 29, 2017
India’s International Investment Position (IIP), June 20171

Today, the Reserve Bank released data relating to India’s international investment position (IIP) as at end-June 2017.

Key Features of India’s IIP in June 2017

  • Claims of non-residents on Indian residents at end-June 2017 were 70 per cent higher than the level of Indian residents’ foreign assets (including gold bullion held as reserve assets) (Table 1).

  • As a consequence, net IIP (the difference between the economy’s external financial assets and liabilities) deteriorated during April-June 2017.

  • Increase in reserve assets and overseas direct investment contributed to the increase in Indian residents’ financial assets abroad, offsetting a reduction in loans and currency and deposits during the quarter; reserve assets accounted for nearly two-third of India’s international financial assets (Table 2).

  • Portfolio investment in debt securities and direct investment inflows were major contributors to the increase in foreign-owned assets in India during the quarter.

  • Debt and non-debt liabilities had equal shares in total external liabilities of Indian residents (Table 3).

  • The ratio of India’s international financial assets to international financial liabilities stood at 58.7 per cent in June 2017 (61.3 per cent a year ago).

Jose J. Kattoor
Chief General Manager

Press Release: 2017-2018/885


Table 1: Overall International Investment Position of India
(US $ billion)
Period Mar-16 (PR) Jun-16 (PR) Sep-16 (PR) Dec-16 (P) Mar-17 (PR) June-17 (P)
Net IIP -359.2 -350.8 -366.8 -361.8 -394.5 -406.4
A. Assets 552.1 554.5 567.3 543.4 564.2 576.9
1. Direct Investment 141.6 143.6 140.6 144.1 148.2 151.2
2.Portfolio Investment 2.5 1.6 2.3 2.3 2.6 2.1
2.1 Equity Securities 1.6 1.6 2.0 2.3 1.6 2.0
2.2 Debt Securities 0.9 0.0 0.3 0.0 1.0 0.1
3. Other Investment 47.8 45.8 52.4 38.1 43.4 37.1
3.1 Trade Credits 2.9 2.4 2.2 1.9 1.8 1.6
3.2 Loans 6.7 4.7 6.3 4.2 7.3 5.2
3.3 Currency & Deposits 21.1 21.6 26.8 14.9 20.1 16.1
3.4 Other Assets 17.1 17.1 17.1 17.1 14.2 14.2
4. Reserve Assets 360.2 363.5 372.0 358.9 370.0 386.5
B. Liabilities 911.3 905.3 934.1 905.2 958.7 983.3
1. Direct Investment 293.9 294.1 311.7 318.5 342.7 353.4
2. Portfolio Investment 224.8 220.5 232.1 221.1 238.6 251.1
2.1 Equity Securities 141.9 141.5 148.1 140.6 154.0 154.9
2.2 Debt securities 82.9 79.0 84.0 80.5 84.6 96.2
3. Other Investment 392.6 390.7 390.3 365.6 377.4 378.8
3.1 Trade Credits 82.3 82.1 82.0 84.8 88.9 89.6
3.2 Loans 170.4 170.3 167.0 160.3 159.9 158.7
3.3 Currency & Deposits 127.1 126.5 130.2 110.0 117.1 118.5
3.4 Other Liabilities 12.8 11.8 11.1 10.5 11.5 12.0
Memo item: Assets to Liability Ratio (%) 60.6 61.3 60.7 60.0 58.9 58.7
R: Revised 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 Mar-16 (PR) Jun-16 (PR) Sep-16 (PR) Dec-16 (P) Mar-17 (PR) June-17 (P)
A. Assets            
1. Direct Investment 25.6 25.9 24.8 26.5 26.3 26.2
2. Portfolio Investment 0.5 0.3 0.4 0.4 0.5 0.4
3. Other Investment 8.7 8.2 9.2 7.0 7.7 6.4
4. Reserve Assets 65.2 65.6 65.6 66.1 65.5 67.0
Assets/Liabilities 100.0 100.0 100.0 100.0 100.0 100.0
B. Liabilities
1. Direct Investment 32.2 32.5 33.4 35.2 35.8 36.0
2. Portfolio Investment 24.7 24.4 24.9 24.4 24.9 25.5
3. Other Investment 43.1 43.1 41.8 40.4 39.4 38.5

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period Mar-16 (PR) Jun-16 (PR) Sep-16 (PR) Dec-16 (P) Mar-17 (PR) June-17 (P)
Non-Debt Liabilities 46.3 46.6 47.7 49.2 50.3 50.1
Debt Liabilities 53.7 53.4 52.3 50.8 49.7 49.9
Total 100.0 100.0 100.0 100.0 100.0 100.0

1 India’s quarterly IIP is disseminated with a one-quarter lag. The IIP for end-March 2017 was placed in the public domain on June 30, 2017


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