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Today, the Reserve Bank released data relating to India’s International Investment Position for end-September 2025[1].
Key Features of India’s IIP in end-September 2025:
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Net claims of non-residents on India declined by US$ 38.4 billion during Q2:2025-26 and stood at US$ 274.3 billion as at end-September 2025. It was a combined impact of decrease in foreign-owned assets in India (US$ 29.8 billion) and increase in Indian residents’ overseas financial assets (US$ 8.6 billion) during the quarter (Table 1).
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Accordingly, the ratio of India’s international assets to international liabilities improved to 81.3 per cent as at end-September 2025 from 79.1 per cent a quarter ago. The ratio has consistently improved from 71.4 per cent two years ago and 76.1 per cent a year ago (Chart 1 & Table 1).
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The decline of all major components of foreign-owned assets in India viz., inward portfolio investment (US$ 13.9 billion), direct investment (US$ 8.9 billion) and other investment (US$ 7.0 billion) contributed to the overall decline of foreign-owned assets in India.
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Indian residents’ overseas financial assets increased during the quarter, mainly on the back of higher outward direct investments.
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Reserve assets stood at US$ 700.1 billion as at end-September 2025 and accounted for 58.8 per cent of overseas financial assets of Indian residents (Table 2).
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The share of debt liabilities in total external liabilities increased marginally to 55.0 per cent as at end-September 2025 from 54.3 per cent a quarter ago (Table 3).
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/1810
| Table 1: Overall International Investment Position of India |
| (US$ billion) |
| Period |
Position as at end of |
| Sep-24 (PR) |
Dec-24 (PR) |
Mar-25 (PR) |
Jun-25 (PR) |
Sep-25 (P) |
| Net IIP (A-B) |
-353.4 |
-364.0 |
-329.1 |
-312.7 |
-274.3 |
| A. Assets |
1124.3 |
1084.0 |
1133.9 |
1181.3 |
1189.9 |
| 1. Direct Investment |
254.4 |
260.8 |
270.4 |
279.4 |
287.8 |
| 1.1 Equity and investment fund shares |
162.4 |
166.5 |
173.5 |
179.7 |
186.1 |
| 1.2 Debt instruments |
92.0 |
94.3 |
96.9 |
99.7 |
101.7 |
| 2. Portfolio Investment |
12.4 |
12.0 |
15.4 |
16.3 |
13.4 |
| 2.1 Equity and investment fund shares |
11.1 |
9.2 |
10.4 |
13.1 |
9.3 |
| 2.2 Debt securities |
1.3 |
2.8 |
5.0 |
3.2 |
4.1 |
| 3. Other Investment |
151.7 |
175.5 |
179.8 |
187.5 |
188.6 |
| 3.1 Trade Credits |
33.0 |
33.3 |
33.7 |
33.7 |
32.2 |
| 3.2 Loans |
22.9 |
23.3 |
26.9 |
25.5 |
25.6 |
| 3.3 Currency and Deposits |
57.0 |
69.6 |
80.4 |
83.6 |
80.8 |
| 3.4 Other Assets |
38.8 |
49.3 |
38.8 |
44.7 |
50.0 |
| 4. Reserve Assets |
705.8 |
635.7 |
668.3 |
698.1 |
700.1 |
| B. Liabilities |
1477.7 |
1448.0 |
1463.0 |
1494.0 |
1464.2 |
| 1. Direct Investment |
555.4 |
547.2 |
557.0 |
571.1 |
562.2 |
| 1.1 Equity and investment fund shares |
522.8 |
513.0 |
521.9 |
535.3 |
525.8 |
| 1.2 Debt instruments |
32.6 |
34.2 |
35.1 |
35.8 |
36.4 |
| 2. Portfolio Investment |
294.3 |
276.5 |
272.0 |
272.6 |
258.7 |
| 2.1 Equity and investment fund shares |
170.9 |
155.6 |
141.9 |
147.4 |
133.0 |
| 2.2 Debt securities |
123.4 |
120.9 |
130.1 |
125.2 |
125.7 |
| 3. Other Investment |
628.0 |
624.3 |
634.0 |
650.3 |
643.3 |
| 3.1 Trade Credits |
131.2 |
135.6 |
131.2 |
131.1 |
134.0 |
| 3.2 Loans |
239.4 |
240.6 |
250.4 |
260.2 |
258.3 |
| 3.3 Currency and Deposits |
164.1 |
165.7 |
167.6 |
171.8 |
168.9 |
| 3.4 Other Liabilities |
70.8 |
60.8 |
62.8 |
64.5 |
59.4 |
| 3.5 Special drawing rights (Net incurrence of liabilities) |
22.5 |
21.6 |
22.0 |
22.7 |
22.7 |
| Memo Item: Assets to Liability ratio (%) |
76.1 |
74.9 |
77.5 |
79.1 |
81.3 |
Notes (applicable for all tables):
1. P: Provisional; PR: Partially Revised; and R: Revised.
2. 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 |
Position as at end of |
| Sep-24 (PR) |
Dec-24 (PR) |
Mar-25 (PR) |
Jun-25 (PR) |
Sep-25 (P) |
| A. Assets |
| 1. Direct Investment |
22.6 |
24.1 |
23.8 |
23.7 |
24.2 |
| 2. Portfolio Investment |
1.1 |
1.1 |
1.4 |
1.4 |
1.1 |
| 3. Other Investment |
13.5 |
16.2 |
15.9 |
15.8 |
15.9 |
| 4. Reserve Assets |
62.8 |
58.6 |
58.9 |
59.1 |
58.8 |
| Total |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
| B. Liabilities |
| 1. Direct Investment |
37.6 |
37.8 |
38.1 |
38.2 |
38.4 |
| 2. Portfolio Investment |
19.9 |
19.1 |
18.6 |
18.3 |
17.7 |
| 3. Other Investment |
42.5 |
43.1 |
43.3 |
43.5 |
43.9 |
| Total |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
| Table 3: Share of External Debt and Non-Debt Liabilities of India |
| (per cent) |
| Period |
Position as at end of |
| Sep-24 (PR) |
Dec-24 (PR) |
Mar-25 (PR) |
Jun-25 (PR) |
Sep-25 (P) |
| Non-Debt Liabilities |
46.9 |
46.2 |
45.4 |
45.7 |
45.0 |
| Debt Liabilities |
53.1 |
53.8 |
54.6 |
54.3 |
55.0 |
| Total |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
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PRESS RELEASES FROM RBI
