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« Sources of Variation in Foreign Exchange Reserves in India... | Submission of returns by the Government-owned Non-Banking... » |
Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2017-18 |
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March, 17th 2018 |
Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3), i.e., October-December 2017-18 are presented in Statements I (BPM6 format)and II (old format).
Key Features of India’s BoP in Q3 of 2017-18
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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India’s trade deficit increased to US$ 118.9 billion in April-December 2017 from US$ 82.7 billion in April-December 2016.
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Net invisible receipts were higher in April-December 2017 mainly due to increase in net services earnings and private transfer receipts.
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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.
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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.
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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: |
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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: |
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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. |
Jose J. Kattoor Chief General Manager
Press Release : 2017-2018/2470
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