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Date : Sep 30, 2019
India’s International Investment Position (IIP), June 2019

Today, the Reserve Bank released data relating to India’s International Investment Position at end-June 2019.

Key Features of India’s IIP in June 2019

  • Net claims of non-residents on India increased by US$ 14.8 billion during April-June 2019 (Table 1).

  • Foreign owned assets in India increased by US$ 35.0 billion, mainly on account of an increase in foreign direct investment (US$ 18.1 billion), portfolio investment (US$ 6.8 billion) and loans (US$ 5.9 billion).

  • Foreign assets of Indian residents rose by US$ 20.2 billion during the quarter, primarily on account of increase in reserve assets.

  • Appreciation of the Indian rupee against the US dollar during the quarter contributed to the increase in India’s liabilities when valued in US dollar terms; excluding this valuation effect, India’s liabilities would have amounted to US$ 1,110.4 billion as against US$ 1,113.9 billion inclusive of valuation.

  • Reserve assets accounted for 64.9 per cent of total overseas assets (Table 2).

  • The share of debt liabilities in total liabilities declined marginally to 50.6 per cent from 50.9 per cent at the end of March 2019 (Table 3).

(Yogesh Dayal)     
Chief General Manager

Press Release : 2019-2020/827


Table 1: Overall International Investment Position of India
(US $ billion)
Period June-18(R) Sep-18(PR) Dec-18(PR) Mar-19(PR) Jun-19(P)
Net IIP (A-B) -407.4 -387.3 -426.9 -436.8 -451.6
A. Assets 611.1 608.2 606.4 642.1 662.3
1. Direct Investment 160.9 163.5 166.6 170.0 172.9
2. Portfolio Investment 3.1 2.6 2.7 4.7 5.0
    2.1 Equity Securities 1.9 1.8 1.4 0.6 1.8
    2.2 Debt Securities 1.2 0.8 1.3 4.1 3.2
3. Other Investment 41.3 41.5 41.6 54.5 54.5
    3.1 Trade Credits 1.4 0.9 0.3 0.9 2.1
    3.2 Loans 7.0 7.1 6.6 9.9 9.8
    3.3 Currency and Deposits 16.3 16.6 17.2 25.2 24.2
    3.4 Other Assets 16.7 16.9 17.5 18.6 18.4
4. Reserve Assets 405.7 400.5 395.6 412.9 429.8
B. Liabilities 1,018.5 995.5 1,033.3 1,078.9 1,113.9
1. Direct Investment 372.3 362.0 386.2 399.2 417.3
2. Portfolio Investment 254.3 237.9 245.8 260.3 267.1
    2.1 Equity Securities 144.4 135.2 138.1 147.5 151.2
    2.2 Debt securities 109.9 102.7 107.7 112.8 115.9
3. Other Investment 392.0 395.6 401.2 419.3 429.6
    3.1 Trade Credits 99.6 104.3 103.7 105.2 107.2
    3.2 Loans 156.6 157.6 160.4 168.1 174.0
    3.3 Currency and Deposits 124.5 122.1 126.0 130.6 133.8
    3.4 Other Liabilities 11.3 11.5 11.2 15.4 14.6
Memo item: Assets to Liability Ratio (%) 60.0 61.1 58.7 59.5 59.5
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 June-18(R) Sep-18(PR) Dec-18(PR) Mar-19(PR) Jun-19(P)
A. Assets          
1. Direct Investment 26.3 26.9 27.5 26.5 26.1
2. Portfolio Investment 0.5 0.4 0.4 0.7 0.8
3. Other Investment 6.8 6.8 6.9 8.5 8.2
4. Reserve Assets 66.4 65.9 65.2 64.3 64.9
Assets/Liabilities 100.0 100.0 100.0 100.0 100.0
B. Liabilities
1. Direct Investment 36.6 36.4 37.4 37.0 37.5
2. Portfolio Investment 25.0 23.9 23.8 24.1 24.0
3. Other Investment 38.4 39.7 38.8 38.9 38.5

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period June-18(R) Sep-18(PR) Dec-18(PR) Mar-19(PR) Jun-19(P)
Non-Debt Liabilities 49.2 48.4 49.1 49.1 49.4
Debt Liabilities 50.8 51.6 50.9 50.9 50.6
Total 100.0 100.0 100.0 100.0 100.0

1 India’s quarterly IIP is disseminated with a quarter lag. The IIP for end-March 2019 was placed in the public domain on June 28, 2019.


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