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| « RBI to conduct 7-day and 14-day Variable Rate Reverse Repo... | How banks make maximum profit from minimum balance accounts ... » |
India’s International Investment Position (IIP), September 20171 |
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| January, 02nd 2018 |
Today, the Reserve Bank released data relating to India’s international investment position (IIP) as at end-September 2017.
Highlights:
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Net claims of non-residents on India declined by US$ 1.9 billion over the previous quarter due to higher increase in Indian residents’ overseas financial assets as compared with foreign-owned assets in India (Table 1).
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Indian residents’ financial assets abroad exhibited an increase of US$ 18.6 billion over the level in the previous quarter, a substantial portion of which came from increase in reserve assets (Tables 1 and 2).
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Foreign-owned assets in India increased by US$ 16.7 billion during the quarter, mainly due to rise in foreign direct investment (FDI), trade credit and portfolio investment in debt securities; overseas investment in portfolio equity, however, declined during the quarter.
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Reserve assets had over two-thirds share in India’s international assets, followed by overseas direct investment; debt and non-debt liabilities had nearly equal shares in total liabilities to non-residents. (Table 3).
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The ratio of India’s international financial assets to international financial liabilities stood at 59.5 per cent in September 2017 (58.6 per cent in June-2017).
| Table 1: Overall International Investment Position of India |
| (US $ billion) |
| Period |
Sep-16(R) |
Dec-16(PR) |
Mar-17(PR) |
June-17(PR) |
Sep-17(P) |
| Net IIP |
-366.8 |
-361.7 |
-394.5 |
-406.7 |
-404.8 |
| A. Assets |
567.3 |
543.4 |
564.2 |
576.5 |
595.1 |
| 1. Direct Investment |
140.6 |
144.1 |
148.2 |
151.3 |
153.6 |
| 2. Portfolio Investment |
2.3 |
2.3 |
2.6 |
2.1 |
2.5 |
| 2.1 Equity Securities |
2.0 |
2.3 |
1.6 |
2.0 |
2.4 |
| 2.2 Debt Securities |
0.3 |
0.0 |
1.0 |
0.1 |
0.1 |
| 3. Other Investment |
52.4 |
38.1 |
43.4 |
36.6 |
38.8 |
| 3.1 Trade Credits |
2.2 |
1.9 |
1.8 |
1.2 |
1.2 |
| 3.2 Loans |
6.3 |
4.2 |
7.3 |
5.1 |
5.9 |
| 3.3 Currency & Deposits |
26.8 |
14.9 |
20.1 |
16.1 |
17.2 |
| 3.4 Other Assets |
17.1 |
17.1 |
14.2 |
14.2 |
14.5 |
| 4. Reserve Assets |
372.0 |
358.9 |
370.0 |
386.5 |
400.2 |
| B. Liabilities |
934.0 |
905.1 |
958.7 |
983.2 |
999.9 |
| 1. Direct Investment |
311.6 |
318.5 |
342.6 |
353.3 |
364.2 |
| 2. Portfolio Investment |
232.1 |
221.1 |
238.6 |
251.2 |
254.0 |
| 2.1 Equity Securities |
148.1 |
140.6 |
154.0 |
154.9 |
150.1 |
| 2.2 Debt securities |
84.0 |
80.5 |
84.6 |
96.3 |
103.9 |
| 3. Other Investment |
390.3 |
365.5 |
377.5 |
378.7 |
381.7 |
| 3.1 Trade Credits |
82.0 |
84.8 |
88.9 |
89.6 |
93.6 |
| 3.2 Loans |
167.0 |
160.3 |
159.9 |
158.6 |
156.9 |
| 3.3 Currency & Deposits |
130.2 |
110.0 |
117.1 |
118.5 |
118.3 |
| 3.4 Other Liabilities |
11.1 |
10.4 |
11.6 |
12.0 |
12.9 |
| Memo item: Assets to Liability Ratio (%) |
60.7 |
60.0 |
58.9 |
58.6 |
59.5 |
R: Revised PR: Partially revised P: Provisional;
Note: 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-16(R) |
Dec-16(PR) |
Mar-17(PR) |
June-17(PR) |
Sep-17(P) |
| A. Assets |
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| 1. Direct Investment |
24.8 |
26.5 |
26.3 |
26.2 |
25.8 |
| 2. Portfolio Investment |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
| 3. Other Investment |
9.2 |
7.0 |
7.7 |
6.4 |
6.5 |
| 4. Reserve Assets |
65.6 |
66.1 |
65.6 |
67.0 |
67.3 |
| Assets/Liabilities |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
| B. Liabilities |
| 1. Direct Investment |
33.4 |
35.2 |
35.7 |
35.9 |
36.4 |
| 2. Portfolio Investment |
24.8 |
24.4 |
24.9 |
25.6 |
25.4 |
| 3. Other Investment |
41.8 |
40.4 |
39.4 |
38.5 |
38.2 |
| Table 3: Share of External Debt and Non-Debt Liabilities of India |
| (per cent) |
| Period |
Sep-16(R) |
Dec-16(PR) |
Mar-17(PR) |
June-17(PR) |
Sep-17(P) |
| Non-Debt Liabilities |
47.7 |
49.2 |
50.3 |
50.1 |
49.8 |
| Debt Liabilities |
52.3 |
50.8 |
49.7 |
49.9 |
50.2 |
| Total |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
Ajit Prasad
Assistant Adviser
Press Release : 2017-2018/1774
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