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Date : Dec 31, 2021
India’s International Investment Position (IIP), September 2021

Today, the Reserve Bank released data relating to India’s International Investment Position at end-September 2021[1].

Key Features of India’s IIP in September 2021

  • Net claims of non-residents on India increased by US$ 5.4 billion during July-September 2021 (Table 1).

  • Foreign-owned assets in India increased by US$ 37.3 billion during the quarter whereas Indian residents’ overseas financial assets recorded lower rise of US$ 31.9 billion, nearly three fourths of which came from build-up in reserve assets; partly reflecting the allocation of special drawing rights (SDRs) by the International Monetary Fund (IMF) in August 2021.

  • Reserve assets accounted for 68.5 per cent of India’s international financial assets in September 2021 (Table 2).

  • The share of debt liabilities in total liabilities increased marginally during the quarter to 47.8 per cent in September 2021 (Table 3).

  • The ratio of international assets to international liabilities has gradually improved to 73.6 per cent in September 2021 from 70.4 per cent a year ago.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1462


Table 1: Overall International Investment Position of India
(US $ billion)
Period Sep-20 (R) Dec-20 (PR) Mar-21 (PR) Jun-21 (PR) Sep-21 (P)
Net IIP (A-B) -337.8 -340.7 -351.1 -326.4 -331.8
A. Assets 802.8 852.3 859.5 895.2 927.1
1. Direct Investment 188.3 190.9 193.9 199.4 202.8
 1.1 Equity and investment fund shares 121.3 122.5 122.7 125.4 127.1
 1.2 Debt instruments 67.0 68.4 71.2 74.0 75.7
2. Portfolio Investment 5.0 6.3 7.9 7.9 8.6
 2.1 Equity and investment fund shares 1.9 2.5 2.3 3.1 4.6
 2.2 Debt Securities 3.1 3.8 5.6 4.8 4.0
3. Other Investment 64.8 69.4 80.6 76.8 80.3
 3.1 Trade Credits 2.8 3.2 5.6 7.9 11.9
 3.2 Loans 9.0 10.6 13.3 13.6 10.1
 3.3 Currency and Deposits 34.9 37.3 42.4 35.9 41.1
 3.4 Other Assets 18.1 18.2 19.2 19.4 17.2
4. Reserve Assets 544.7 585.8 577.0 611.1 635.4
B. Liabilities 1140.6 1193.0 1210.6 1221.6 1258.9
1. Direct Investment 456.0 480.2 482.2 493.8 506.7
 1.1 Equity and investment fund shares 430.7 454.6 456.9 468.0 480.7
 1.2 Debt instruments 25.3 25.6 25.3 25.8 26.0
2. Portfolio Investment 244.3 265.6 274.1 272.9 276.4
 2.1 Equity and investment fund shares 149.1 170.7 177.3 176.2 177.0
 2.2 Debt securities 95.2 94.9 96.8 96.7 99.4
3. Other Investment 440.3 447.2 454.3 454.9 475.8
 3.1 Trade Credits 102.2 102.6 100.3 102.1 100.3
 3.2 Loans 189.7 192.4 197.8 197.4 201.2
 3.3 Currency and Deposits 138.8 142.5 143.8 143.1 142.9
 3.4 Other Liabilities 9.5 9.7 12.4 12.3 31.4
Memo item:
Assets to Liability Ratio (%)
70.4 71.4 71.0 73.3 73.6
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 Sep-20 (R) Dec-20 (PR) Mar-21 (PR) Jun-21 (PR) Sep-21 (P)
A. Assets          
  1. Direct Investment 23.5 22.4 22.6 22.3 21.9
  2. Portfolio Investment 0.6 0.7 0.9 0.9 0.9
  3. Other Investment 8.1 8.1 9.4 8.6 8.7
  4. Reserve Assets 67.8 68.8 67.1 68.2 68.5
Assets/Liabilities 100.0 100.0 100.0 100.0 100.0
B. Liabilities
  1. Direct Investment 40.0 40.3 39.8 40.4 40.2
  2. Portfolio Investment 21.4 22.3 22.6 22.3 22.0
  3. Other Investment 38.6 37.4 37.6 37.3 37.8

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period Sep-20 (R) Dec-20 (PR) Mar-21 (PR) Jun-21 (PR) Sep-21 (P)
Non-Debt Liabilities 50.8 52.4 52.4 52.7 52.2
Debt Liabilities 49.2 47.6 47.6 47.3 47.8
Total 100.0 100.0 100.0 100.0 100.0

[1] IIP is compiled as per the ‘Balance of Payments and International Investment Position Manual (Sixth edition)’ (BPM6) of the IMF. From this quarter, IIP compilation has also been made consistent with the statistical framework provided by the IMF’s External Debt Statistics (EDS) Guide 2013, which has led to reclassification of some sub-components under liabilities, though the aggregate position remains unaltered. The revised quarterly time series data on IIP since June 2018 are provided in Statement.


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