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Net claims of foreigners, NRIs up at $211 b in Q2
January, 03rd 2011

Net claims of foreigners and NRIs on India rose to $211.1 billion during July-September this fiscal year, up $33.2 billion over the previous quarter, as robust economic growth drew higher overseas investment.

Easier loans abroad also led to the bigger mop-up. The second quarter figure is a jump of 19% in the net assets of foreigners and NRIs, from $177.9 billion during the April-June quarter of 2010-11.

This was revealed by the RBI data on Indias International Investment Position (IIP), which represents the difference between assets held by residents and non-residents.

During the second quarter, total external financial assets of Indian residents increased $26.8 billion, or 7.15%, to $401.7 billion, the IIP figure showed. The total external financial assets in the first quarter were $374.9 billion.

Among the assets, direct investment abroad went up by $4.1 billion to $89.2 billion. Portfolio investment by Indians in the form of equity securities remained flat at $0.9 billion during the quarter ended September.

Other investments by Indians in the overseas markets, including trade credits, loans and currency and deposits, increased by $5.5 billion, or 42%, to $18.6 billion during the July-September quarter.

Loans also went up by $2.7 billion to $6.1 billion. Currency and deposits increased to $10.3 billion during the September quarter, up $2.4 billion from the first quarter. The reserve assets of the country rose by $17.2 billion to $292.9 billion. During July-September, the Indian economy expanded by 8.9%, even as advanced economies such as the US and many European nations grappled with sluggish growth. During the period, the countrys total external financial liabilities registered an increase of $60 billion, or 11%, to $612.8 billion. It was $552.8 billion for the quarter ended June 2010.

Direct investment into the country went up by $13.5 billion to $191.7 billion. Portfolio investment in the country during the quarter ended September also grew by $28.8 billion to $164.3 billion over the previous quarter. Liabilities in the nature of trade credits, loans and currency and deposits cumulatively increased by $17.6 billion to $256.8 billion due to availability of funds at substantially lower interest rates than in the domestic markets.

Loans to Indian companies went up $8.3 or 6.5% during the quarter ended September to $135.8 billion. During the July-September period, currency and deposits liabilities grew marginally to $50.5 billion.

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