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Date : Sep 30, 2022
India’s International Investment Position (IIP), June 2022

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

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

  1. Net claims of non-residents on India inched up marginally by US$ 0.7 billion during Q1:2022-23 to US$ 359.5 billion in June 2022.

  2. During April-June 2022, Indian residents’ overseas financial assets fell by US$ (-)28.9 billion, which was close to the drop of US$ (-)28.2 billion in foreign-owned financial assets in India (Table 1).

  3. The decline in Indian residents’ foreign assets during the quarter was mainly due to the reduction in reserve assets, loans as well as currency and deposits.

  4. Around 85 per cent of the fall in India’s foreign liabilities during Q1:2022-23 was attributed to portfolio investment (net) outflows.

  5. Reserve assets accounted for around two thirds of India’s international financial assets (Table 2).

  6. Variation in the exchange rate of rupee vis-a-vis other currencies had a significant impact on the change in liabilities, when valued in US$ terms.

  7. The share of debt liabilities in total external liabilities increased to 50.0 per cent as at end-June 2022 from 47.5 per cent a year ago (Table 3).

  8. India’s international financial assets covered 71.3 per cent of international financial liabilities as at end-June 2022.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/973


Table 1: Overall International Investment Position of India
(US$ billion)
Period Jun-21 (PR) Sep-21 (PR) Dec-21 (PR) Mar-22 (PR) Jun-22 (P)
Net IIP (A-B) -330.7 -335.1 -353.1 -358.8 -359.5
A. Assets 895.4 932.3 927.9 920.5 891.6
1. Direct Investment 199.6 203.8 208.1 211.6 214.3
1.1 Equity and investment fund shares 125.6 128.1 130.9 132.8 134.3
1.2 Debt instruments 74.0 75.7 77.2 78.8 80.0
2. Portfolio Investment 7.9 8.6 9.7 10.6 10.6
2.1 Equity and investment fund shares 3.1 4.6 6.1 1.1 8.1
2.2 Debt Securities 4.8 4.0 3.6 9.5 2.5
3. Other Investment 76.8 84.5 76.5 91.0 77.5
3.1 Trade Credits 7.9 11.8 12.8 18.5 21.3
3.2 Loans 13.6 10.8 8.9 10.5 6.5
3.3 Currency and Deposits 35.9 42.3 34.8 42.1 30.2
3.4 Other Assets 19.4 19.6 20.0 19.9 19.5
4. Reserve Assets 611.1 635.4 633.6 607.3 589.2
B. Liabilities 1,226.1 1,267.4 1,281.0 1,279.3 1,251.1
1. Direct Investment 493.7 506.7 514.2 521.7 517.3
1.1 Equity and investment fund shares 468.0 480.7 487.9 494.0 489.6
1.2 Debt instruments 25.7 26.0 26.3 27.7 27.7
2. Portfolio Investment 284.9 290.8 284.7 270.5 246.5
2.1 Equity and investment fund shares 176.2 177.0 172.8 156.4 135.5
2.2 Debt Securities 108.7 113.8 111.9 114.1 111.0
3. Other Investment 447.5 469.9 482.1 487.1 487.3
3.1 Trade Credits 102.1 104.4 113.5 118.1 126.9
3.2 Loans 190.0 192.6 195.3 195.8 192.1
3.3 Currency and Deposits 143.1 142.9 143.5 141.0 137.4
3.4 Other Assets 12.3 30.0 29.8 32.2 30.9
Memo item: Assets to Liability Ratio (%) 73.0 73.6 72.4 72.0 71.3
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 Jun-21 (PR) Sep-21 (PR) Dec-21 (PR) Mar-22 (PR) Jun-22 (P)
A. Assets
1. Direct Investment 22.3 21.9 22.4 23.0 24.0
2. Portfolio Investment 0.9 0.9 1.0 1.2 1.2
3. Other Investment 8.6 9.1 8.2 9.8 8.7
4. Reserve Assets 68.2 68.1 68.4 66.0 66.1
Total 100.0 100.0 100.0 100.0 100.0
B. Liabilities
1. Direct Investment 40.3 40.0 40.1 40.8 41.3
2. Portfolio Investment 23.2 22.9 22.3 21.1 19.7
3. Other Investment 36.5 37.1 37.6 38.1 39.0
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 Jun-21 (PR) Sep-21 (PR) Dec-21 (PR) Mar-22 (PR) Jun-22 (P)
Non-Debt Liabilities 52.5 51.9 51.6 50.8 50.0
Debt Liabilities 47.5 48.1 48.4 49.2 50.0
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 2022 was released in the RBI website on June 30, 2022.


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