India’s International Investment Position (IIP), September 2025

प्रेस प्रकाशनी PRESS RELEASE भारतीय �रज़वर् बैंक RESERVE BANK OF INDIA वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, केंद्रीय कायार्लय, शहीद भगत िसंह 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 December 31, 2025 India’s International Investment Position (IIP), September 2025 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: • 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).

• 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).

• 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.

• Indian residents’ overseas financial assets increased during the quarter, mainly on the back of higher outward direct investments. • 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).

• 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)

Press Release: 2025-2026/1810 Chief General Manager

[1] India’s quarterly IIP is disseminated with a lag of one quarter and the previous quarterly IIP for end-June 2025 was released in the RBI website on September 30, 2025.2Table 1: Overall International Investment Position of India (US$ billion) Position as at end of Period Sep-24 Dec-24 Mar-25 Jun-25 Sep-25

(PR) (PR) (PR) (PR) (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.

3Table 2: Composition of International Financial Assets and Liabilities of India (per cent) Period Position as at end of Sep-24 Dec-24 Mar-25 Jun-25 Sep-25

(PR) (PR) (PR) (PR (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

100.0 100.0 100.0 100.0 100.0 Total Table 3: Share of External Debt and Non-Debt Liabilities of India (per cent) Position as at end of Period 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