The net international investment position (IIP) of the country has also been deteriorating in recent years – international liabilities exceed international assets by about $ 309.4 billion in March 2013 as against $ 250 billion in March 2012, though some improvement has been observed with net liabilities at $ 296.9 billion in June 2013. 5.
This increasing integration of the global economy is, in fact, far from a phenomenon peculiar to India. In fact, in the years preceding the global financial crisis, global economic integration grew and grew sharply. World trade, as a percentage of global GDP, rose from a little over 20 per cent of GDP to well over 30 per cent in 2007.