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India posts record current account surplus at $19.8 billion in April-June
In January-March also, the current account saw a surplus of $600 million, India's first surplus in 13 years.India posts record current account surplus at $19.8 billion in April-June
2 min read . Updated: 30 Sep 2020, 03:56 PM ISTGopika Gopakumar
MUMBAI: India recorded a record current account surplus of $19.8 billion during April-June due to a steeper decline in imports when compared to exports. The quarter also saw a drop in net foreign portfolio and foreign direct investments and a fall in remittances.
In January-March also, the current account saw a surplus of $600 million, India's first surplus in 13 years.
The surplus was at 3.9% of the gross domestic product (GDP) in the June-ended quarter compared with a deficit of $15 billion or 2.1% in the year-ago period, as per data from the Reserve Bank of India (RBI).
"The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to $10.0 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis," the RBI said in a statement.
Private transfer receipts, mainly representing remittances by Indians employed overseas, was at $18.2 billion, down 8.7% year-on-year. Net foreign direct investments saw an outflow of $400 million compared with inflows of $14.0 billion in the year-ago quarter.
The balance of payments showed a surplus of $19.8 billion in the first quarter of FY21 compared with a surplus of $14 billion a year earlier.
Rating agency ICRA said the current account surplus in Q1 FY21 was above expectations, as the fall in remittances was remarkably muted despite the adverse economic conditions globally amid the ongoing pandemic.
“With a merchandise trade deficit of US$11.6 billion in July-August 2020 (US$27.3 billion in July-August 2019), exceeding the US$9.1 billion recorded in Q1 FY2021, ICRA anticipates that the size of the current account surplus would halve to around US$10 billion in Q2 FY2021," ICRA said.
The rating agency has also revised its expectation of the size of India’s current account balance in FY221 to $35 billion or around 1.4% of GDP.
www.livemint.com
2 min read . Updated: 30 Sep 2020, 03:56 PM ISTGopika Gopakumar
- Private transfer receipts, mainly representing remittances by Indians employed overseas, was at $18.2 billion, down 8.7% YoY. Net foreign direct investments saw an outflow of $400 million compared with inflows of $14 billion a year ago
MUMBAI: India recorded a record current account surplus of $19.8 billion during April-June due to a steeper decline in imports when compared to exports. The quarter also saw a drop in net foreign portfolio and foreign direct investments and a fall in remittances.
In January-March also, the current account saw a surplus of $600 million, India's first surplus in 13 years.
The surplus was at 3.9% of the gross domestic product (GDP) in the June-ended quarter compared with a deficit of $15 billion or 2.1% in the year-ago period, as per data from the Reserve Bank of India (RBI).
"The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to $10.0 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis," the RBI said in a statement.
Private transfer receipts, mainly representing remittances by Indians employed overseas, was at $18.2 billion, down 8.7% year-on-year. Net foreign direct investments saw an outflow of $400 million compared with inflows of $14.0 billion in the year-ago quarter.
The balance of payments showed a surplus of $19.8 billion in the first quarter of FY21 compared with a surplus of $14 billion a year earlier.
Rating agency ICRA said the current account surplus in Q1 FY21 was above expectations, as the fall in remittances was remarkably muted despite the adverse economic conditions globally amid the ongoing pandemic.
“With a merchandise trade deficit of US$11.6 billion in July-August 2020 (US$27.3 billion in July-August 2019), exceeding the US$9.1 billion recorded in Q1 FY2021, ICRA anticipates that the size of the current account surplus would halve to around US$10 billion in Q2 FY2021," ICRA said.
The rating agency has also revised its expectation of the size of India’s current account balance in FY221 to $35 billion or around 1.4% of GDP.
Current a/c surplus at record $19.8 bn in first quarter
Private transfer receipts, mainly representing remittances by Indians employed overseas, was at $18.2 billion, down 8.7% YoY. Net foreign direct investments saw an outflow of $400 million compared with inflows of $14 billion a year ago
www.livemint.com
