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Key Features of India’s BoP in Q1 of 2017-18
India’s current account deficit (CAD) at US$ 14.3 billion (2.4 per cent of GDP) in Q1 of 2017-18 increased sharply from US$ 0.4 billion (0.1 per cent of GDP) in Q1 of 2016 -17 and US$ 3.4 billion (0.6 per cent of GDP) in Q4 of 2016-17.
The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit (US$ 41.2 billion) brought about by a larger increase in merchandise imports relative to exports.
Net services receipts increased by 15.7 per cent on a y-o-y basis mainly on the back of a rise in net earnings from travel, construction and other business services.
Private transfer receipts, mainly representing remittances by Indians employed overseas, at US$ 16.1 billion increased by 5.3 per cent over the corresponding quarter of previous year.
In the financial account, net foreign direct investment at US$ 7.2 billion in Q1 of 2017-18 almost doubled from its level in Q1 of 2016-17.
Net portfolio investment recorded substantial inflow of US$ 12.5 billion in Q1 of 2017-18, primarily in the debt segment, as compared with US$ 2.1 billion in Q1 of last year.
Net receipts on account of non-resident deposits amounted to US$ 1.2 billion in Q1 of 2017-18; this was lower than US$ 1.4 billion a year ago.
In Q1 of 2017-18, there was an accretion of US$ 11.4 billion to the foreign exchange reserves (on BoP basis) as compared with US$ 7.0 billion in Q1 of 2016-17 ( Table 1) and US$ 7.3 billion in the preceding quarter.
| Table 1: Major Items of India's Balance of Payments |
| (US$ Billion) |
| April-June 2017 P | April-June 2016 |
| Credit | Debit | Net | Credit | Debit | Net |
| A. Current Account | 140.5 | 154.8 | -14.3 | 125.0 | 125.4 | -0.4 |
| 1. Goods | 73.7 | 114.9 | -41.2 | 66.6 | 90.5 | -23.8 |
| Of which: | | | | | | |
| POL | 8.2 | 23.2 | -15.1 | 6.8 | 19.0 | -12.2 |
| 2. Services | 45.9 | 27.7 | 18.2 | 39.4 | 23.6 | 15.7 |
| 3. Primary Income | 4.8 | 10.6 | -5.8 | 3.7 | 10.0 | -6.3 |
| 4. Secondary Income | 16.1 | 1.7 | 14.5 | 15.3 | 1.3 | 14.0 |
| B. Capital Account and Financial Account | 155.2 | 141.3 | 14.0 | 129.2 | 129.0 | 0.2 |
| Of which: | | | | | | |
| Change in Reserves (Increase (-)/Decrease (+)) | 0.0 | 11.4 | -11.4 | 0.0 | 7.0 | -7.0 |
| C. Errors & Omissions (-) (A+B) | 0.4 | | 0.4 | 0.2 | | 0.2 |
| P: Preliminary |
Note: Total of subcomponents may not tally with aggregate due to rounding off.
Source: rbi.org.in |
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