India’s foreign-owned assets went up by $37.3 billion in the September quarter while Indian residents’ overseas financial assets rose by $31.9 billion during the same period, according to data released by the Reserve Bank of India (RBI).
As per India’s International Investment Position (IIP), the liabilities stood at $1,258.9 billion during the July-September quarter as compared to $1,221.6 billion at June-end 2021.
The assets stood at $927.1 billion at September-end, up from $895.2 billion in June quarter.
“Foreign-owned assets in India increased by $37.3 billion during the quarter whereas Indian residents’ overseas financial assets recorded lower rise of $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,” RBI said.
According to central bank’s data, net claims of the non-residents on India increased by $5.4 billion during the July-September period.
The reserve assets accounted for 68.5 percent of the country’s international financial assets in September 2021. The share of debt liabilities in total liabilities increased marginally during the September quarter to 47.8 percent. The ratio of international assets to international liabilities has gradually improved to 73.6 percent in September 2021 from 70.4 percent a year ago.
IIP is compiled as per the ‘Balance of Payments and International Investment Position Manual (Sixth edition)’ of the IMF.