Mumbai, India, posted a current account surplus of $5.7 billion or 0.6 percent of GDP in the March quarter, the Reserve Bank of India said on Monday.
In the same period last year, the current account deficit stood at $1.3 billion or 0.2 percent of GDP, and the same was $8.7 billion or 1 percent of GDP in the previous quarter which ended in December 2023.
For FY24, the current account deficit narrowed to $23.2 billion or 0.7 per cent of GDP from $67 billion or 2 per cent of GDP in FY23, the RBI said in a statement on the evolution of India's balance of payments.
In January-March 2024, the merchandise trade deficit stood at $50.9 billion, down from $52.6 billion a year ago.
Net service revenue of $42.7 billion was higher than $39.1 billion, thanks to 4.1 percent growth in the segment, the central bank said, adding that this helped bring the current account to surplus territory.
Net expenditure in the primary income account, which mainly reflects investment income payments, rose to $14.8 billion from $12.6 billion a year ago, according to data released by the RBI.
Private transfer receipts, which mainly represent remittances from Indians employed abroad, grew 11.9 per cent to $32 billion in the March quarter.
Non-resident deposits also increased to $5.4 billion in the January-March period, compared to $3.6 billion in the same period last year.
Net foreign direct investment flows stood at $2 billion in Q4FY24, up from $6.4 billion a year ago.
Foreign portfolio investment recorded a net inflow of $11.4 billion during the quarter, compared with a net outflow of $1.7 billion a year ago.
Net inflows of external commercial loans to India amounted to $2.6 billion, up from $1.7 billion.
In FY24, portfolio investment recorded a net inflow of $44.1 billion against an outflow of $5.2 billion a year ago, while net FDI plunged to $9.8 billion from $28 billion in FY23, the RBI said.
In the same period last year, the current account deficit stood at $1.3 billion or 0.2 percent of GDP, and the same was $8.7 billion or 1 percent of GDP in the previous quarter which ended in December 2023.
For FY24, the current account deficit narrowed to $23.2 billion or 0.7 per cent of GDP from $67 billion or 2 per cent of GDP in FY23, the RBI said in a statement on the evolution of India's balance of payments.
In January-March 2024, the merchandise trade deficit stood at $50.9 billion, down from $52.6 billion a year ago.
Net service revenue of $42.7 billion was higher than $39.1 billion, thanks to 4.1 percent growth in the segment, the central bank said, adding that this helped bring the current account to surplus territory.
Net expenditure in the primary income account, which mainly reflects investment income payments, rose to $14.8 billion from $12.6 billion a year ago, according to data released by the RBI.
Private transfer receipts, which mainly represent remittances from Indians employed abroad, grew 11.9 per cent to $32 billion in the March quarter.
Non-resident deposits also increased to $5.4 billion in the January-March period, compared to $3.6 billion in the same period last year.
Net foreign direct investment flows stood at $2 billion in Q4FY24, up from $6.4 billion a year ago.
Foreign portfolio investment recorded a net inflow of $11.4 billion during the quarter, compared with a net outflow of $1.7 billion a year ago.
Net inflows of external commercial loans to India amounted to $2.6 billion, up from $1.7 billion.
In FY24, portfolio investment recorded a net inflow of $44.1 billion against an outflow of $5.2 billion a year ago, while net FDI plunged to $9.8 billion from $28 billion in FY23, the RBI said.
