Wednesday, October 30, 2024
News

India's external assets grew faster than liabilities: RBI report

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai (Maharashtra) | October 30, 2024 12:41:49 PM IST
India's external assets grew faster than its liabilities between June 2023 and June 2024, according to the latest report from the Reserve Bank of India (RBI).

The report, which provides details on India's International Investment Position (IIP) as of the end of June 2024, revealed that India's external assets increased by USD 108.4 billion over the year, while external liabilities rose by USD 97.7 billion.

It said "During the period between end-June 2023 and end-June 2024, the external assets increased by USD 108.4 billion and external liabilities increased by USD 97.7 billion".

Despite this growth in assets, India's net IIP, which reflects the difference between external assets and liabilities, remained negative at USD 368.3 billion at the end of June 2024.

This marks an improvement compared to the net IIP of USD -379.0 billion at the end of June 2023, indicating a narrowing of the gap as external assets have grown at a faster pace than liabilities.

It said "The net IIP as at end-June 2024 was negative at USD 368.3 billion".

The RBI report also provided insights into the composition of India's foreign currency assets (FCA), which are part of the country's external reserves.

These assets are diversified across multi-currencies and multi-asset portfolios in line with international best practices. A major portion, USD 515.30 billion or 83.51 per cent of the FCA, was invested in securities, supporting stability and long-term growth.

In addition, USD 60.11 billion, or 9.74 per cent of the FCA, was held in deposits with other central banks and the Bank for International Settlements (BIS).

The report said "As at end-September 2024, out of the total FCA of USD 617.07 billion, USD 515.30 billion was invested in securities, USD 60.11 billion was deposited with other central banks".

This allocation helps maintain liquidity and acts as a reliable reserve for India's foreign exchange needs.

Overall, the report highlights a positive trend in India's external financial position, as assets grow at a faster rate than liabilities, reducing the negative net IIP year-on-year. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
TripFactory and NexusDMC Parent ORN Vent...
Reliance Jio leads global mobile data tr...
Dr. Jyotsna Suri: Navigating the Future ...
Code B Releases 2024 AI Funding Analysis...
TCS partners with Insper in Brazil, inve...
RBI report shows India's forex reserves ...
More...
 
INDIA WORLD ASIA
Disengagement process between India, Chi...
Haryana CM Saini pays tribute to Sardar ...
Karnataka high court grants interim bail...
Rajnath Singh leaves for two-day visit t...
US and Indian Elections - a Comparison o...
Union Minister Shivraj Singh Chouhan ext...
More...    
 
 Top Stories
Cellecor Gadgets Limited announces ... 
Diwali 2024: Managing Healthy Indul... 
Minister Piyush Goyal discusses inv... 
Two attacks in six month "unaccepta... 
"Our health model is not limited to... 
"Historic, path-breaking": Congress... 
US lawmakers call for probe into Ch... 
PM Modi introduced Ayushman Vaya Va...