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Date : Mar 31, 2021
India’s International Investment Position (IIP), December 2020

Today, the Reserve Bank released data relating to India’s International Investment Position at end-December 2020.

Key Features of India’s IIP in December 2020

  • Net claims of non-residents on India increased by US$ 3.1 billion from their level at the end of the previous quarter (Table 1).

  • Higher increase in foreign-owned assets in India (US$ 52.3 billion) vis-à-vis Indian residents’ overseas financial assets (US$ 49.2 billion) resulted in the rise in India’s net foreign liabilities during the quarter.

  • Reserve assets accounted for over two-thirds of India’s international financial assets (Table 2).

  • Foreign direct investment (FDI) and portfolio equity investment dominated the rise in India’s foreign liabilities; the share of non-debt liabilities in total external liabilities increased to 52.4 per cent (50.8 per cent at end-September 2020) (Table 3).

  • The ratio of India’s international financial assets to international financial liabilities improved to 71.4 per cent in December 2020 from 62.1 per cent a year ago.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1332


Table 1: Overall International Investment Position of India
(US $ billion)
Period Dec-19(R) Mar-20 (PR) June-20 (PR) Sep-20 (PR) Dec-20 (P)
Net IIP (A-B) -425.1 -375.2 -343.8 -337.5 -340.6
A. Assets 697.9 717.0 749.6 802.9 852.1
1. Direct Investment 179.7 183.0 185.9 188.3 191.3
2. Portfolio Investment 4.8 3.8 4.3 5.0 5.5
2.1 Equity Securities 2.6 0.6 0.8 1.9 1.7
2.2 Debt Securities 2.2 3.2 3.5 3.1 3.8
3. Other Investment 53.4 52.4 53.7 64.9 69.5
3.1 Trade Credits 2.2 1.5 1.3 2.9 3.3
3.2 Loans 6.2 6.7 7.4 9.0 10.6
3.3 Currency and Deposits 27.1 26.0 27.7 34.9 37.3
3.4 Other Assets 17.9 18.2 17.2 18.1 18.3
4. Reserve Assets 459.9 477.8 505.7 544.7 585.8
B. Liabilities 1123.0 1092.2 1093.4 1140.4 1192.7
1. Direct Investment 426.9 418.2 419.4 456.0 480.3
2. Portfolio Investment 266.7 246.7 241.6 253.3 274.1
2.1 Equity Securities 148.9 134.8 139.0 149.1 170.7
2.2 Debt securities 117.8 111.9 102.6 104.2 103.4
3. Other Investment 429.3 427.2 432.5 431.1 438.3
3.1 Trade Credits 105.2 104.3 104.0 102.2 102.6
3.2 Loans 177.3 179.6 184.5 180.6 183.5
3.3 Currency and Deposits 133.3 130.8 132.9 137.5 140.7
3.4 Other Liabilities 13.5 12.6 11.0 10.8 11.5
Memo item: Assets to Liability Ratio (%) 62.1 65.7 68.6 70.4 71.4
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 Dec-19 (R) Mar-20 (PR) June-20 (PR) Sep-20 (PR) Dec-20 (P)
A. Assets          
    1. Direct Investment 25.7 25.5 24.8 23.5 22.5
    2. Portfolio Investment 0.7 0.5 0.6 0.6 0.6
    3. Other Investment 7.7 7.4 7.1 8.1 8.2
    4. Reserve Assets 65.9 66.6 67.5 67.8 68.7
Assets/Liabilities 100.0 100.0 100.0 100.0 100.0
B. Liabilities
    1. Direct Investment 38.0 38.3 38.4 40.0 40.3
    2. Portfolio Investment 23.7 22.6 22.1 22.2 23.0
    3. Other Investment 38.3 39.1 39.5 37.8 36.7

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period Dec-19 (R) Mar-20 (PR) June-20 (PR) Sep-20 (PR) Dec-20 (P)
Non-Debt Liabilities 49.3 48.5 48.9 50.8 52.4
Debt Liabilities 50.7 51.5 51.1 49.2 47.6
Total 100.0 100.0 100.0 100.0 100.0

1India’s quarterly IIP is disseminated with a quarter lag. The IIP for end-September 2020 was placed in the public domain on December 30, 2020.

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