The foreign owned assets in India increased by $17.9 billion in Q4 of the last fiscal, much higher than overseas financial assets of the Indian residents at $6.7 billion during the quarter. 

As per India Investment Position (IIP) report of the Reserve Bank of India (RBI), Indian residents' overseas financial assets abroad increased largely on the back of the increase in overseas direct investment as well as currency and deposits. 

Inward portfolio investment and loans were major contributors to the rise in India's foreign liabilities, the report said. 

Depreciation of the Indian rupee against the US dollar during the quarter contributed to changes in India's liabilities, when valued in the dollar terms. 

Reserve assets accounted for over two-thirds of India's international financial assets while non-debt liabilities had 52.4 per cent share in India's external liabilities, according to the report. 

On an annual basis (April-March 2020-21), non-residents' net claims on India reduced by $22.7 billion. 

Increase in overseas assets of the Indian residents ($ 141.2 billion) exceeded the rise in foreign owned assets in India ($118.5 billion) during the year. 

The increase in international financial assets of the Indian residents was led by a large accretion of $99.2 billion in reserve assets; overseas direct investment and currency and deposits were the other major components, the report said. 

Inward direct investment and portfolio equity investment together accounted for nearly 90 per cent of the increase in international financial liabilities during 2020-21. 

The ratio of India's international financial assets to international financial liabilities increased to 70.9 per cent in March 2021 from 65.6 per cent a year ago. 

The ratios of reserve assets, Indian residents' overseas financial assets and claims of non-residents on India to GDP at current market prices surged during 2020-21, largely due to the decline in GDP during the year, caused by the Covid-19 pandemic, the report said. 

The ratio of net IIP of India to GDP also improved to (-) 13.1 per cent in March 2021 from (-) 13.9 per cent a year ago.