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Key Features of India’s BoP in Q2 of 2017-18
India’s current account deficit (CAD) at US$ 7.2 billion (1.2 per cent of GDP) in Q2 of 2017-18 narrowed sharply from US$ 15.0 billion (2.5 per cent of GDP) in the preceding quarter, but was substantially higher than US$ 3.4 billion (0.6 per cent of GDP) in Q2 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$ 32.8 billion) brought about by a larger increase in merchandise imports relative to exports.
Net services receipts increased by 13.1 per cent on a y-o-y basis mainly on the back of a rise in net earnings from software services and travel receipts.
Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 17.4 billion, increasing by 14.7 per cent from their level a year ago.
In the financial account, net foreign direct investment at US$ 12.4 billion in Q2 of 2017-18 moderated from its level in Q2 of 2016-17.
Portfolio investment recorded net inflow of US$ 2.1 billion in Q2 of 2017-18, lower than US$ 6.1 billion in Q2 last year on account of net sale in the equity market.
Net receipts on account of non-resident deposits amounted to US$ 0.7 billion in Q2 of 2017-18, lower than US$ 2.1 billion a year ago.
In Q2 of 2017-18, there was an accretion of US$ 9.5 billion to the foreign exchange reserves (on BoP basis) as compared with US$ 8.5 billion in Q2 of 2016-17 and US$ 11.4 billion in the preceding quarter ( Table 1).
BoP during April-September 2017 (H1 of 2017-18)
On a cumulative basis, the CAD increased to 1.8 per cent of GDP in H1 of 2017-18 from 0.4 per cent in H1 of 2016-17 on the back of widening of the trade deficit.
India’s trade deficit increased to US$ 74.8 billion in H1 of 2017-18 from US$ 49.4 billion in H1 of 2016-17.
Net invisible receipts were higher in H1 of 2017-18 mainly due to increase in net services earnings and private transfer receipts.
Net FDI inflows during H1 of 2017-18 moderated by 6.3 per cent over the level during the corresponding period of the previous year.
Portfolio investment recorded a net inflow of US$ 14.5 billion during H1 as compared with US$ 8.2 billion a year ago.
In H1 of 2017-18, there was an accretion of US$ 20.9 billion to foreign exchange reserves.
| Table 1: Major Items of India's Balance of Payments |
| (US$ Billion) |
| | July-September 2017 P | July-September 2016 | April-September 2017-18 P | April-September 2016-17 |
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net |
| A. Current Account | 145.6 | 152.8 | -7.2 | 127.7 | 131.1 | -3.4 | 285.5 | 307.8 | -22.2 | 252.6 | 256.5 | -3.8 |
| 1. Goods | 76.1 | 108.9 | -32.8 | 67.4 | 93.0 | -25.6 | 149.2 | 224.0 | -74.8 | 134.0 | 183.5 | -49.4 |
| Of which: | | | | | | | | | | | | |
| POL | 9.4 | 23.7 | -14.3 | 7.6 | 20.5 | -12.9 | 16.9 | 46.5 | -29.6 | 14.4 | 39.5 | -25.1 |
| 2. Services | 47.4 | 29.0 | 18.4 | 40.9 | 24.6 | 16.3 | 93.3 | 56.6 | 36.7 | 80.3 | 48.2 | 32.0 |
| 3. Primary Income | 4.6 | 13.0 | -8.5 | 4.1 | 12.2 | -8.1 | 9.4 | 23.6 | -14.3 | 7.8 | 22.2 | -14.4 |
| 4. Secondary Income | 17.5 | 1.9 | 15.7 | 15.2 | 1.3 | 13.9 | 33.7 | 3.5 | 30.1 | 30.5 | 2.6 | 27.9 |
| B. Capital Account and Financial Account | 146.5 | 139.7 | 6.9 | 138.9 | 134.6 | 4.3 | 302.2 | 281.0 | 21.2 | 268.1 | 263.6 | 4.5 |
| Of which: | | | | | | | | | | | | |
| Change in Reserve (Increase (-)/Decrease (+)) | 0.0 | 9.5 | -9.5 | 0.0 | 8.5 | -8.5 | 0.0 | 20.9 | -20.9 | 0.0 | 15.5 | -15.5 |
| C. Errors & Omissions (-) (A+B) | 0.4 | | 0.4 | | 0.9 | -0.9 | 1.0 | | 1.0 | | 0.7 | -0.7 |
| P: Preliminary |
Note: Total of subcomponents may not tally with aggregate due to rounding off.
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