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Date : Sep 07, 2018
Developments in India’s Balance of Payments during the First Quarter (April-June) of 2018-19

Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1), i.e., April-June 2018-19, are presented in Statements I (BPM6 format) and II (old format).

Key Features of India’s BoP in Q1 of 2018-19

  • India’s current account deficit (CAD) stood at US$ 15.8 billion (2.4 per cent of GDP) in Q1 of 2018-19 as compared with US$ 15.0 billion (2.5 per cent of GDP) in Q1 of 2017-18.

  • The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit at US$ 45.7 billion as compared with US$ 41.9 billion a year ago.

  • Net services receipts increased by 2.1 per cent on a y-o-y basis mainly on the back of a rise in net earnings from software and financial services.

  • Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 18.8 billion, increasing by 16.9 per cent from their level a year ago.

  • In the financial account, net foreign direct investment at US$ 9.7 billion in Q1 of 2018-19 was higher than US$ 7.1 billion in Q1 of 2017-18.

  • Portfolio investment recorded net outflow of US$ 8.1 billion in Q1 of 2018-19 – as compared with an inflow of US$ 12.5 billion in Q1 last year – on account of net sales in both the debt and equity markets.

  • Net receipts on account of non-resident deposits amounted to US$ 3.5 billion in Q1 of 2018-19 as compared with US$ 1.2 billion a year ago.

  • In Q1 of 2018-19, there was a depletion of US$ 11.3 billion of the foreign exchange reserves (on BoP basis) as against an accretion of US$ 11.4 billion in Q1 of 2017-18 (Table 1).

Table 1: Major Items of India's Balance of Payments
(US$ Billion)
  April-June 2018 P April-June 2017 PR
Credit Debit Net Credit Debit Net
A. Current Account 155.7 171.5 -15.8 139.9 154.9 -15.0
1. Goods 83.4 129.1 -45.7 73.1 115.1 -41.9
   Of which:            
           POL 11.9 34.7  -22.8  7.5  22.8  -15.4 
2. Services 48.2 29.5 18.7 45.9 27.6 18.3
3. Primary Income 5.3 11.1 -5.8 4.7 10.6 -5.8
4. Secondary Income 18.8 1.7 17.1 16.1 1.6 14.5
B. Capital Account and Financial Account 142.4 125.9 16.6 155.7 140.2 15.5
  Of which:            
       Change in Reserves (Increase (-)/Decrease (+)) 11.3 0.0 11.3 0.0 11.4 -11.4
C. Errors & Omissions (-) (A+B)   0.8 -0.8   0.6 -0.6
P: Preliminary; PR: Partially Revised
Note: Total of subcomponents may not tally with the aggregate due to rounding off.

Jose J. Kattoor
Chief General Manager

Press Release: 2018-2019/576

 


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