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India’s external debt at $663.8 bn in March 2024

BusinessIndia’s external debt at $663.8 bn in March 2024

NEW DELHI: India’s international investment position (IIP) during January-March 2024 saw a rise in India’s foreign liabilities attributed to higher inward direct investments, portfolio investments, loans as well as currency and deposits taken by resident entities even as trade credits recorded a marginal decline. The country’s external debt at the end of March 2024, was placed at USD 663.8 billion, an increase of USD 39.7 billion over its level at end-March 2023, as per Reserve Bank of India data.

Net claims of non-residents on India declined by USD 6.4 billion during Q4 2023-24 to USD 361.7 billion as at end-March 2024 while Indian residents’ overseas financial assets recorded higher rise at USD 38.1 billion as compared to that in the foreign-owned assets in India of (USD 31.7 billion), which led to the decline in net claims of non-residents during the quarter.

Increase in the reserve assets at USD 23.9 billion was the dominant component of the rise in Indian residents’ overseas financial assets during January-March 2024, followed by currency and deposits, and overseas direct investments.

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