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Key Features of India’s BoP in Q3 of 2017-18
India’s current account deficit (CAD) at US$ 13.5 billion (2.0 per cent of GDP) in Q3 of 2017-18 increased from US$ 8.0 billion (1.4 per cent of GDP) in Q3 of 2016 -17 and US$ 7.2 billion (1.1 per cent of GDP) in the preceding quarter.
The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit (US$ 44.1 billion) brought about by a larger increase in merchandise imports relative to exports.
Net services receipts increased by 17.8 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$ 17.6 billion, increasing by 16.0 per cent from their level a year ago.
In the financial account, net foreign direct investment at US$ 4.3 billion in Q3 of 2017-18 was lower than US$ 9.7 billion in Q3 of 2016-17.
Portfolio investment recorded net inflow of US$ 5.3 billion in Q3 of 2017-18 - as against an outflow of US$ 11.3 billion in Q3 last year - on account of net purchases in both the debt and equity markets.
Net receipts on account of non-resident deposits amounted to US$ 3.1 billion in Q3 of 2017-18 as against net repayments of US$ 18.5 billion a year ago.
In Q3 of 2017-18, there was an accretion of US$ 9.4 billion to the foreign exchange reserves (on BoP basis) as against depletion of US$ 1.2 billion in Q3 of 2016-17 ( Table 1).
BoP during April-December 2017
On a cumulative basis, the CAD increased to 1.9 per cent of GDP in April-December 2017 from 0.7 per cent in the corresponding period of 2016-17 on the back of a widening of the trade deficit.
India’s trade deficit increased to US$ 118.9 billion in April-December 2017 from US$ 82.7 billion in April-December 2016.
Net invisible receipts were higher in April-December 2017 mainly due to increase in net services earnings and private transfer receipts.
Net FDI inflows during April-December 2017 moderated to US$ 23.7 billion from US$ 30.6 billion during the corresponding period of the previous year.
Portfolio investment recorded a net inflow of US$ 19.8 billion during April-December 2017 as against a net outflow of US$ 3.2 billion a year ago.
In April-December 2017, there was an accretion of US$ 30.3 billion to the foreign exchange reserves.
| Table 1: Major Items of India's Balance of Payments |
| (US$ Billion) |
| October-December 2017 P | October-December 2016 | April-December 2017-18 P | April-December 2016-17 |
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net |
| A. Current Account | 150.1 | 163.6 | -13.5 | 130.2 | 138.1 | -8.0 | 435.6 | 471.3 | -35.6 | 382.8 | 394.6 | -11.8 |
| 1. Goods | 77.5 | 121.6 | -44.1 | 68.8 | 102.0 | -33.3 | 226.8 | 345.6 | -118.9 | 202.8 | 285.5 | -82.7 |
| Of which: | | | | | | | | | | | | |
| POL | 9.9 | 29.2 | -19.3 | 8.1 | 21.8 | -13.7 | 26.5 | 75.8 | -49.2 | 22.5 | 61.3 | -38.8 |
| 2. Services | 50.0 | 29.0 | 20.9 | 42.1 | 24.4 | 17.8 | 143.3 | 85.7 | 57.6 | 122.4 | 72.6 | 49.8 |
| 3. Primary Income | 4.9 | 11.3 | -6.4 | 4.0 | 10.4 | -6.4 | 14.3 | 34.9 | -20.6 | 11.8 | 32.5 | -20.7 |
| 4. Secondary Income | 17.7 | 1.6 | 16.1 | 15.3 | 1.4 | 13.9 | 51.3 | 5.1 | 46.3 | 45.8 | 4.0 | 41.8 |
| B. Capital Account and Financial Account | 168.8 | 156.2 | 12.6 | 138.7 | 131.4 | 7.3 | 470.9 | 437.0 | 33.9 | 406.8 | 395.0 | 11.8 |
| Of which: | | | | | | | | | | | | |
| Change in Reserve (Increase (-)/Decrease (+)) | 0.0 | 9.4 | -9.4 | 1.2 | 0.0 | 1.2 | 0.0 | 30.3 | -30.3 | 1.2 | 15.5 | -14.2 |
| C. Errors & Omissions (-) (A+B) | 0.8 | | 0.8 | 0.7 | | 0.7 | 1.8 | | 1.8 | 0.0 | 0.01 | -0.01 |
| P: Preliminary |
| Note: Total of subcomponents may not tally with the aggregate due to rounding off |
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