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« Developments in India’s Balance of Payments during the... | RBI-Monitoring of Foreign Investment under the PIS in Indian... » |
Developments in Indias Balance of Payments during the Fourth Quarter (January-March) of 2015-16 |
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June, 17th 2016 |
Preliminary data on India’s balance of payments (BoP) for the fourth quarter (Q4) i.e., January-March 2015-16 are presented in Statements I (BPM6 format) and II (old format).
Key Features of India’s BoP in Q4 of 2015-16
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India’s current account deficit (CAD) narrowed sharply to US$ 0.3 billion (0.1 per cent of GDP) in Q4 of 2015-16, significantly lower than US$ 7.1 billion (1.3 per cent of GDP) in Q3 of 2015-16 and marginally lower than US$ 0.7 billion (0.1 per cent of GDP) in Q4 of 2014-15 (Table 1).
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The contraction in CAD was primarily on account of a lower trade deficit (US$ 24.8 billion) than in Q4 of last year (US$ 31.6 billion) and US$ 34.0 billion in the preceding quarter.
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Net services receipts declined on a y-o-y basis largely due to fall in exports of transport, financial services and telecommunication, computer and information services.
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Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 15.7 billion, a decline from their level in the preceding quarter as well as from a year ago.
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Net foreign direct investment moderated to US$ 8.8 billion in Q4 of 2015-16 from US$ 9.3 billion in Q4 of 2014-15.
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Portfolio investment recorded a net outflow of US$ 1.5 billion in Q4 of 2015-16 as against a net inflow of US$ 12.5 billion in the corresponding period of last year; primarily reflecting net outflow in the debt segment.
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Non-resident Indian (NRI) deposits, however, increased in Q4 of 2015-16 over their level in Q4 last year as well as the preceding quarter.
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Foreign exchange reserves (on a BoP basis) increased by US$ 3.3 billion in Q4 of 2015-16.
BoP during April-March 2015-16
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The CAD narrowed to 1.1 per cent of GDP in 2015-16 from 1.3 per cent in 2014-15, on the back of contraction in the trade deficit.
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India’s trade deficit narrowed to US$ 130.1 billion in 2015-16 from US$ 144.9 billion in 2014-15.
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Net invisible receipts declined in 2015-16, primarily reflecting moderation in both net services earnings and private transfer receipts.
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Net FDI inflows during 2015-16 (US$ 36.0 billion) rose sharply by 15.3 per cent over the level in 2014-15.
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Portfolio investment, however, recorded a net outflow US$ 4.5 billion in 2015-16 as against a net inflow of US$ 40.9 billion last year.
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In 2015-16, there was an accretion of US$ 17.9 billion to foreign exchange reserves (on a BoP basis) as compared with US$ 61.4 billion in 2014-15.
Table 1: Major Items of India's Balance of Payments |
(US$ Billion) |
|
January-March 2016 P |
January-March 2015 PR |
April-March 2015-16 P |
April-March 2014-15 PR |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
A. Current Account |
124.7 |
125.0 |
-0.3 |
134.2 |
134.9 |
-0.7 |
501.4 |
523.5 |
-22.1 |
558.2 |
585.0 |
-26.8 |
1. Goods |
65.8 |
90.6 |
-24.8 |
71.8 |
103.4 |
-31.6 |
266.4 |
396.4 |
-130.1 |
316.5 |
461.5 |
-144.9 |
Of which: |
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POL |
6.1 |
14.6 |
-8.5 |
8.2 |
21.8 |
-13.5 |
30.4 |
82.9 |
-52.4 |
56.8 |
138.3 |
-81.5 |
2. Services |
39.4 |
23.3 |
16.1 |
41.4 |
21.3 |
20.0 |
154.3 |
84.6 |
69.7 |
158.1 |
81.6 |
76.5 |
3. Primary Income |
3.7 |
10.3 |
-6.6 |
3.5 |
9.1 |
-5.6 |
14.7 |
39.1 |
-24.4 |
13.4 |
37.5 |
-24.1 |
4. Secondary Income |
15.7 |
0.7 |
15.0 |
17.5 |
1.1 |
16.4 |
66.0 |
3.3 |
62.7 |
70.1 |
4.4 |
65.8 |
B. Capital Account and Financial Account |
127.3 |
127.2 |
0.2 |
149.4 |
149.5 |
-0.1 |
510.9 |
487.8 |
23.2 |
550.9 |
523.1 |
27.8 |
Of which: |
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Change in Reserve (Increase (-)/Decrease (+)) |
0.0 |
3.3 |
-3.3 |
0.0 |
30.1 |
-30.1 |
0.9 |
18.8 |
-17.9 |
0.0 |
61.4 |
-61.4 |
C. Errors & Omissions (-) (A+B) |
0.2 |
0.0 |
0.2 |
0.8 |
0.0 |
0.8 |
0.4 |
1.5 |
-1.1 |
1.1 |
2.1 |
-1.0 |
P: Preliminary PR: Partially Revised |
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Note: Total of sub-components may not tally with aggregate due to rounding off. |
Ajit Prasad Assistant Adviser
Press Release : 2015-2016/2925
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