India’s International Investment Position (IIP), March 2026

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June 30, 2026 India’s International Investment Position (IIP), March 2026 Today, the Reserve Bank released data relating to India’s International Investment Position for end-March 2026[1]. Key Features IIP during Q4:2025-26 (January-March 2026): • Net claims of non-residents on India declined by US$ 52.4 billion during Q4:2025-26 to US$ 209.9 billion as at end-March 2026, driven by decline in the foreign-owned assets (US$ 40.1 billion) in India along with the rise in Indian residents’ overseas financial assets (US$ 12.3 billion) (Table 1). • Variation in the exchange rate of rupee vis-a-vis other currencies impacted the change in liabilities, when valued in US dollar terms. • Decline in foreign liabilities of Indian residents was mainly attributed to the decline in portfolio investment and direct investment in India; increase in inward direct investment measured in rupee terms was outweighed by exchange rate depreciation, resulting in fall in its value in US dollar term. • Increase in foreign direct investment accounted for more than 60 per cent of the rise in Indian residents’ overseas financial assets during the quarter Q4:2025-26 (January-March 2026), followed by reserve assets. • Reserve assets accounted for 57.1 per cent of India’s international financial assets while overseas direct investment accounted for one fourth share (Table 2). • The ratio of India’s international assets to international liabilities increased to 85.2 per cent in March 2026 from 82.0 per cent a quarter ago (Chart 1 & Table 1). • The share of debt liabilities in total external liabilities increased gradually during the recent quarters and stood at 56.6 per cent as on end-March 2026 (Table 3). [1] India’s quarterly IIP is disseminated with a lag of one quarter and the IIP data for end-December 2025 was released in the RBI website on March 30, 2026. ᮧेस ᮧकाशनी PRESS RELEASE भारतीय įरज़वर् बैंक RESERVE BANK OF INDIA 0वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, कᱶᮤीय कायार्लय, शहीद भगत ᳲसंह मागर्, फोटर्, मुंबई - 400 001 Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502 2 IIP during FY:2025-26 (April-March): • During FY 2025-26, the net claims of non-residents declined by US$ 119.2 billion, due to decline in external financial liabilities (US$ 42.8 billion), on the back of depreciation of rupee vis-a-vis US Dollar, alongside rise in Indian residents’ overseas financial assets by US $ 76.4 billion (Table 1). • The rise in India’s overseas financial assets during 2025-26 is mainly driven by increase in overseas direct investment and reserve assets. • Fall in portfolio investment and direct investment by non-residents resulted in decline in foreign liabilities of India during the year. • The ratio of India’s international financial assets to international financial liabilities increased to 85.2 per cent in March 2026 from 77.5 per cent a year ago (Chart 1 & Table 1). Ratio of International Financial Assets and Liabilities to Gross Domestic Product (GDP): • As a ratio to GDP (at current market prices), residents’ overseas financial assets recorded improvement while, external financial liabilities moderated during FY 2025-26 (Table 4). • As a result, the ratio of net claims of non-residents on India to GDP improved significantly to (-)5.9 per cent in March 2026 from (-)9.0 per cent a year ago. (Brij Raj) Press Release: 2026-2027/569 Chief General Manager 3 4 Table 1: Overall International Investment Position of India (US$ billion) Period Mar-25 (PR) Jun-25 (PR) Sep-25 (PR) Dec-25 (PR) Mar-26 (P) Net IIP (A-B) -329.1 -312.5 -271.0 -262.3 -209.9 A. Assets 1134.0 1177.3 1185.5 1198.1 1210.4 1. Direct Investment 270.5 279.6 289.2 296.9 304.3 1.1 Equity and investment fund shares 173.6 179.8 187.5 193.6 199.1 1.2 Debt instruments 96.9 99.8 101.7 103.3 105.2 2. Portfolio Investment 15.4 16.3 16.6 16.5 17.8 2.1 Equity and investment fund shares 10.3 13.1 12.5 10.1 7.6 2.2 Debt securities 5.1 3.2 4.1 6.4 10.2 3. Other Investment 179.8 183.3 179.6 197.0 197.2 3.1 Trade Credits 33.7 33.7 31.9 34.2 30.9 3.2 Loans 27.0 25.6 25.8 26.8 26.9 3.3 Currency and Deposits 80.4 83.6 80.8 90.2 89.8 3.4 Other Assets 38.7 40.4 41.1 45.8 49.6 4. Reserve Assets 668.3 698.1 700.1 687.7 691.1 B. Liabilities 1463.1 1489.8 1456.5 1460.4 1420.3 1. Direct Investment 556.9 571.2 562.0 559.0 543.3 1.1 Equity and investment fund shares 521.9 535.4 525.7 522.1 506.1 1.2 Debt instruments 35.0 35.8 36.3 36.9 37.2 2. Portfolio Investment 272.0 272.6 258.7 255.9 233.4 2.1 Equity and investment fund shares 141.9 147.4 133.0 130.1 110.4 2.2 Debt securities 130.1 125.2 125.7 125.8 123.0 3. Other Investment 634.2 646.0 635.8 645.5 643.6 3.1 Trade Credits 131.2 131.1 135.0 148.3 144.9 3.2 Loans 250.6 260.3 258.6 259.9 264.9 3.3 Currency and Deposits 167.6 171.7 168.9 173.9 170.3 3.4 Other Liabilities 62.8 60.2 50.6 40.7 41.1 3.5 Special drawing rights (Net incurrence of liabilities) 22.0 22.7 22.7 22.7 22.4 Memo Item: Assets to Liability ratio (%) 77.5 79.0 81.4 82.0 85.2 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 Mar-25 (PR) Jun-25 (PR) Sep-25 (PR) Dec- 25(PR) Mar-26 (P) A. Assets 1. Direct Investment 23.8 23.7 24.4 24.8 25.1 2. Portfolio Investment 1.4 1.4 1.4 1.4 1.5 3. Other Investment 15.9 15.6 15.1 16.4 16.3 4. Reserve Assets 58.9 59.3 59.1 57.4 57.1 Total 100.0 100.0 100.0 100.0 100.0 B. Liabilities 1. Direct Investment 38.1 38.3 38.6 38.3 38.3 2. Portfolio Investment 18.6 18.3 17.8 17.5 16.4 3. Other Investment 43.3 43.4 43.6 44.2 45.3 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 Mar-25 (PR) Jun-25 (PR) Sep-25 (PR) Dec-25 (PR) Mar-26 (P) Non-Debt Liabilities 45.4 45.8 45.2 44.7 43.4 Debt Liabilities 54.6 54.2 54.8 55.3 56.6 Total 100.0 100.0 100.0 100.0 100.0 6 6 Table 4: Ratios of External Financial Assets and Liabilities to GDP (nominal) (per cent) Period Mar-24 (R) Mar-25 (PR) Mar-26 (P) Net IIP (A-B) -10.5 -9.0 -5.9 A. Assets 29.7 30.4 32.9 1. Direct Investment 7.0 7.3 8.3 1.1 Equity and investment fund shares 4.4 4.7 5.4 1.2 Debt instruments 2.6 2.6 2.9 2. Portfolio Investment 0.3 0.4 0.5 2.1 Equity and investment fund shares 0.3 0.3 0.2 2.2 Debt securities 0.0 0.1 0.3 3. Other Investment 3.8 4.7 5.2 3.1 Trade Credits 0.9 0.8 0.7 3.2 Loans 0.5 0.7 0.7 3.3 Currency and Deposits 1.6 2.2 2.4 3.4 Other Assets 0.8 1.0 1.4 4. Reserve Assets 18.6 18.0 18.9 B. Liabilities 40.2 39.4 38.8 1. Direct Investment 15.6 15.0 14.8 1.1 Equity and investment fund shares 14.7 14.0 13.8 1.2 Debt instruments 0.9 1.0 1.0 2. Portfolio Investment 8.0 7.3 6.4 2.1 Equity and investment fund shares 4.7 3.8 3.0 2.2 Debt securities 3.3 3.5 3.4 3. Other Investment 16.6 17.1 17.6 3.1 Trade Credits 3.6 3.5 4.0 3.2 Loans 6.4 6.8 7.2 3.3 Currency and Deposits 4.4 4.5 4.7 3.4 Other Assets 1.6 1.7 1.1 3.5 Special drawing rights (Net incurrence of liabilities) 0.6 0.6 0.6