Net claims of non-residents on India fell sequentially in the quarter ended March '09 by about 17 per cent to $65.3 billion, which was, however, up 23.6 per cent as compared with the position at end-March '08.
The Reserve Bank of India (RBI) today released the data on International Investment Position (IIP) as at the end of March '09 providing details of the external financial assets and liabilities of the country in a statement.
The net international investment position (the stock of external financial assets less the stock of external financial liabilities) is the difference between what an economy owns in relation to what it owes. In this case the Indian economy owes more than what it owns.
"Net claim of non-residents on India as reflected by the net IIP (international assets - international liabilities)... declined by $13.2 billion to $65.3 billion from $78.5 billion as at end-December 2008," the RBI said.
However, in terms of annual comparison, the net claim of non-residents on India as at end-March '09 increased by 23.6 per cent to $65.3 billion from $52.9 billion as at end-March '08, the bank said.
"The ratio of net IIP of India to GDP (gross domestic product at current market prices) was (-) 6.3 per cent as at end-March 2009 as compared with (-) 4.5 per cent as at end-March 2008," the RBI said.