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Date : Mar 31, 2022
India’s International Investment Position (IIP), December 2021

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

Key Features of India’s IIP in December 2021

  • Net claims of non-residents on India increased by US$ 21.1 billion during October-December 2021 due to an increase of US$ 16.2 billion in foreign-owned assets in India combined with a decline of US$ 4.9 billion in Indian residents’ overseas financial assets (Table 1).

  • Higher inward direct investment, trade credit and loans contributed to the increase in non-residents’ claims on India even as foreign portfolio investment in India reduced during the quarter.

  • Indian residents’ overseas financial assets declined during the quarter, mainly due to reduction in currency and deposits.

  • Reserve assets accounted for 68.4 per cent of Indian residents’ foreign assets (Table 2).

  • The share of debt liabilities in total liabilities increased marginally during the quarter and stood at 48.5 per cent in December 2021 (Table 3).

  • The ratio of India’s international financial assets to international financial liabilities stood lower at 72.1 per cent in December 2021 (73.4 per cent in September 2021).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1939


Table 1: Overall International Investment Position of India
(US $ billion)
Period Dec-20 (R) Mar-21 (PR) Jun-21 (PR) Sep-21 (PR) Dec-21 (P)
Net IIP (A-B) -345.2 -355.3 -331.1 -336.8 -357.9
A. Assets 852.4 859.4 895.1 931.1 926.2
1. Direct Investment 190.9 193.9 199.3 202.6 206.4
1.1 Equity and investment fund shares 122.5 122.7 125.3 126.9 129.3
1.2 Debt instruments 68.4 71.2 74.0 75.7 77.1
2. Portfolio Investment 6.3 7.9 7.9 8.6 9.7
2.1 Equity and investment fund shares 2.5 2.3 3.1 4.6 6.4
2.2 Debt Securities 3.8 5.6 4.8 4.0 3.3
3. Other Investment 69.4 80.6 76.8 84.5 76.5
3.1 Trade Credit 3.2 5.6 7.9 11.8 12.9
3.2 Loans 10.6 13.3 13.6 10.8 8.9
3.3 Currency and Deposits 37.3 42.4 35.9 42.3 34.8
3.4 Other Assets 18.3 19.3 19.4 19.6 19.9
4. Reserve Assets 585.8 577.0 611.1 635.4 633.6
B. Liabilities 1197.6 1214.7 1226.2 1267.9 1284.1
1. Direct Investment 480.3 482.2 493.8 506.9 514.3
1.1 Equity and investment fund shares 454.6 456.9 468.0 480.8 487.9
1.2 Debt instruments 25.7 25.3 25.8 26.1 26.4
2. Portfolio Investment 270.3 278.5 277.8 282.6 277.2
2.1 Equity and investment fund shares 170.6 177.3 176.2 177.0 172.8
2.2 Debt securities 99.7 101.2 101.6 105.6 104.4
3. Other Investment 447.0 454.0 454.6 478.4 492.6
3.1 Trade Credit 102.6 100.3 102.1 104.4 113.5
3.2 Loans 192.2 197.5 197.1 201.1 204.0
3.3 Currency and Deposits 142.5 143.8 143.1 142.9 143.5
3.4 Other Liabilities 9.7 12.4 12.3 30.0 31.6
Memo item:
Assets to Liability Ratio (%)
71.2 70.7 73.0 73.4 72.1
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-20 (R) Mar-21 (PR) Jun-21 (PR) Sep-21 (PR) Dec-21 (P)
A. Assets          
1. Direct Investment 22.4 22.6 22.3 21.8 22.3
2. Portfolio Investment 0.7 0.9 0.9 0.9 1.0
3. Other Investment 8.2 9.4 8.5 9.1 8.3
4. Reserve Assets 68.7 67.1 68.3 68.2 68.4
Assets/Liabilities 100.0 100.0 100.0 100.0 100.0
B. Liabilities
1. Direct Investment 40.1 39.7 40.3 40.0 40.0
2. Portfolio Investment 22.6 22.9 22.6 22.3 21.6
3. Other Investment 37.3 37.4 37.1 37.7 38.4

Table 3: Share of External Debt and Non-Debt Liabilities of India
(per cent)
Period Dec-20 (R) Mar-21 (PR) Jun-21 (PR) Sep-21 (PR) Dec-21 (P)
Non-Debt Liabilities 52.2 52.2 52.5 51.9 51.5
Debt Liabilities 47.8 47.8 47.5 48.1 48.5
Total 100.0 100.0 100.0 100.0 100.0

1 India’s quarterly IIP is disseminated with a lag of one quarter. The IIP for end-September 2021 was placed in the public domain on December 31, 2021.


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