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All about E-way Bill under GST
September, 18th 2017

Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1) i.e., April-June 2017-18 are presented in Statements I (BPM6 format) and II (old format).

Key Features of India’s BoP in Q1 of 2017-18

  • India’s current account deficit (CAD) at US$ 14.3 billion (2.4 per cent of GDP) in Q1 of 2017-18 increased sharply from US$ 0.4 billion (0.1 per cent of GDP) in Q1 of 2016 -17 and US$ 3.4 billion (0.6 per cent of GDP) in Q4 of 2016-17.

  • The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit (US$ 41.2 billion) brought about by a larger increase in merchandise imports relative to exports.

  • Net services receipts increased by 15.7 per cent on a y-o-y basis mainly on the back of a rise in net earnings from travel, construction and other business services.

  • Private transfer receipts, mainly representing remittances by Indians employed overseas, at US$ 16.1 billion increased by 5.3 per cent over the corresponding quarter of previous year.

  • In the financial account, net foreign direct investment at US$ 7.2 billion in Q1 of 2017-18 almost doubled from its level in Q1 of 2016-17.

  • Net portfolio investment recorded substantial inflow of US$ 12.5 billion in Q1 of 2017-18, primarily in the debt segment, as compared with US$ 2.1 billion in Q1 of last year.

  • Net receipts on account of non-resident deposits amounted to US$ 1.2 billion in Q1 of 2017-18; this was lower than US$ 1.4 billion a year ago.

  • In Q1 of 2017-18, there was an accretion of US$ 11.4 billion to the foreign exchange reserves (on BoP basis) as compared with US$ 7.0 billion in Q1 of 2016-17 (Table 1) and US$ 7.3 billion in the preceding quarter.

Table 1: Major Items of India's Balance of Payments
(US$ Billion)
  April-June 2017 P April-June 2016
Credit Debit Net Credit Debit Net
A. Current Account 140.5 154.8 -14.3 125.0 125.4 -0.4
1. Goods 73.7 114.9 -41.2 66.6 90.5 -23.8
   Of which:            
          POL 8.2 23.2 -15.1 6.8 19.0 -12.2
2. Services 45.9 27.7 18.2 39.4 23.6 15.7
3. Primary Income 4.8 10.6 -5.8 3.7 10.0 -6.3
4. Secondary Income 16.1 1.7 14.5 15.3 1.3 14.0
B. Capital Account and Financial Account 155.2 141.3 14.0 129.2 129.0 0.2
  Of which:            
Change in Reserves (Increase (-)/Decrease (+)) 0.0 11.4 -11.4 0.0 7.0 -7.0
C. Errors & Omissions (-) (A+B) 0.4   0.4 0.2   0.2
P: Preliminary
Note: Total of subcomponents may not tally with aggregate due to rounding off.

Jose J. Kattoor
Chief General Manager

Press Release : 2017-2018/752

 
 
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