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India Inc s overseas direct investment fell by 31 per cent to USD 1.85 billion in February this year, the RBI data showed. Domestic companies made investments of USD 2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020. Of the total investment made by Indian companies in foreign markets, USD 1.36 billion was in the form of loan; USD 297.37 million comprised as equity investment and the rest of USD 183.82 million was by way of issuance of guarantee, according to the RBI data on outward foreign direct investment (OFDI) - February 2021. However, total OFDI by domestic firms in February was higher than that of USD 1.19 billion in January 2021.
In the wake of the pandemic, the RBI undertook several conventional and unconventional measures. Unlike many central banks, the RBI s asset purchases did not dilute its balance sheet and hence, did not compromise on core principles of central banking, Das said while addressing an event organised by the Bombay Chamber of Commerce. These purchases were confined to risk-free sovereign (government) bonds including state government securities only, he said. Other than conventional measures, RBI introduced long term repo operations (LTROs) and targeted long term repo operations (TLTROs) to augment the system as well as sector-specific liquidity to meet sectoral credit needs and alleviate stress, he said.