New Delhi [India], Dec 29 (ANI): The financial assets of Indian residents’ abroad exhibited an increase of USD 18.6 billion in September 2017 quarter over the level in the previous quarter, according to the data released by Reserve Bank of India (RBI) relating to India’s international investment position (IIP) on Friday. Also Read - These 4 Banks Have Been Shortlisted by Government For Privatisation | All You Need to Know

A substantial portion of this rise came from an increase in the reserve assets, RBI said. Also Read - New Delhi, Goa and Mumbai Top Booked Destinations by Indians During Valentine’s Week

Reserve assets had over two-thirds share in India’s international assets, followed by overseas direct investment. Also Read - Mughal Gardens to Open For Public From THIS Date, Entry Through Online Booking Only | Check Timing, Other Details

RBI also stated that the net claims of non-residents on India declined by USD 1.9 billion over the previous quarter due to the higher increase in Indian residents’ overseas financial assets as compared with foreign-owned assets in India.

Foreign-owned assets in India increased by USD 16.7 billion during the quarter, RBI release stated pointing out that it is mainly due to rise in foreign direct investment (FDI), trade credit and portfolio investment in debt securities.

Overseas investment in portfolio equity, however, declined during the quarter.

The ratio of India’s international financial assets to international financial liabilities stood at 59.5 percent in September 2017 as compared to 58.6 percent in June-2017, RBI added. (ANI)

This is published unedited from the ANI feed.