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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.
(Source: rbi.org.in) |
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