India cuts net international liability by $10.9 billion, RBI says
India just cut its net international liability by $10.9 billion in the third quarter of FY2025-26 (quarter ended December 2025), according to the RBI.
This happened because Indians boosted their overseas financial assets by $12.8 billion, while foreign investment into India rose only slightly.
Thanks to this, India's assets-to-liabilities ratio got a little stronger, up from 81.45% to 82.1%.
India's trade credit jumps $11.4 billion
Indian residents are investing more globally, with direct investments up by $7.6 billion and overseas deposits rising too, even though reserve assets dipped a bit last quarter (they're still up 8.2% year-on-year).
On the flip side, foreign direct and portfolio investments in India dropped, but there was an $11.4 billion jump in trade credit, nudging debt's share of total external liabilities up to 55.3%.