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RBI-Developments in Indias Balance of Payments during the Third Quarter (October-December) of 2015-16 |
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| March, 25th 2016 |
Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3) i.e., October-December 2015-16 are presented in Statements I (BPM6 format)and II (old format).
Key Features of India’s BoP in Q3 of 2015-16
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India’s current account deficit (CAD) at US$ 7.1 billion (1.3 per cent of GDP) in Q3 of 2015-16 was lower than US$ 7.7 billion (1.5 per cent of GDP) in Q3 of 2014-15 and US$ 8.7 billion (1.7 per cent of GDP) in the preceding quarter (Table 1).
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The contraction in CAD was primarily on account of a lower trade deficit (US$ 34.0 billion) than in Q3 of last year (US$ 38.6 billion) and US$ 37.4 billion in the preceding quarter.
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Net services receipts moderated on a y-o-y basis largely due to fall in export receipts in transport and financial services, though there has been marginal improvement over the preceding quarter.
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Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 15.8 billion, a decline from their level in the preceding quarter as well as from a year ago.
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After moderating in Q2, net foreign direct investment again picked up and stood at US$ 10.8 billion in Q3.
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There has been a marginal net outflow of US$ 0.2 billion in portfolio investment in Q3 of 2015-16 as against net outflow of US$ 3.5 billion in the preceding quarter; equity outflows in Q3 were almost offset by inflows into the debt segment.
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Non-resident Indian (NRI) deposits moderated significantly in Q3 of 2015-16 over their level in Q3 last year as well as the preceding quarter.
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Foreign exchange reserves (on a BoP basis) increased by US$ 4.1 billion in Q3 of 2015-16.
BoP during April-December 2015
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On a cumulative basis, the CAD narrowed to 1.4 per cent of GDP in April-December 2015 from 1.7 per cent in the corresponding period of 2014-15, on the back of the contraction in the trade deficit.
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India’s trade deficit narrowed to US$ 105.6 billion in April-December 2015 from US$ 113.4 billion during the same period of 2014-15.
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Net invisible receipts declined in April-December 2015, even though moderation in both net services earnings and private transfer receipts was partly offset by a lower net outflow of primary income (profit, interest and dividends).
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Net FDI inflows during April-December 2015 rose sharply by 24.8 per cent over the level during the corresponding period of the previous year.
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Portfolio investment, however, recorded a net outflow US$ 3.7 billion during April-December 2015 as against a net inflow of US$ 28.5 billion last year.
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In April-December 2015, there was an accretion of US$ 14.6 billion to foreign exchange reserves (on a BoP basis) as compared with US$ 31.3 billion in the corresponding period of 2014-15.
| Table 1: Major Items of India's Balance of Payments |
| (US$ Billion) |
| |
October - December 2015 P |
October - December 2014 |
April - December 2015-16 P |
April - December 2014-15 |
| |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
| A. Current Account |
122.5 |
129.6 |
-7.1 |
140.7 |
148.5 |
-7.7 |
376.7 |
398.6 |
-21.9 |
423.3 |
449.5 |
-26.1 |
| 1. Goods |
64.9 |
98.9 |
-34.0 |
80.1 |
118.7 |
-38.6 |
200.5 |
306.1 |
-105.6 |
244.7 |
358.1 |
-113.4 |
| Of which: |
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| POL |
7.3 |
20.0 |
-12.7 |
14.9 |
34.2 |
-19.2 |
24.1 |
68.2 |
-44.1 |
48.6 |
116.6 |
-68.0 |
| 2. Services |
37.9 |
19.8 |
18.1 |
39.6 |
19.7 |
20.0 |
114.9 |
61.2 |
53.7 |
116.1 |
59.7 |
56.5 |
| 3. Primary Income |
3.8 |
10.2 |
-6.4 |
3.5 |
9.0 |
-5.5 |
11.0 |
28.8 |
-17.8 |
9.9 |
28.4 |
-18.5 |
| 4. Secondary Income |
15.9 |
0.7 |
15.3 |
17.5 |
1.1 |
16.4 |
50.3 |
2.6 |
47.7 |
52.6 |
3.3 |
49.3 |
| B. Capital Account and Financial Account |
115.0 |
108.5 |
6.5 |
123.1 |
113.5 |
9.7 |
384.0 |
361.0 |
23.0 |
401.5 |
373.5 |
28.0 |
| Of which: |
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| Change in Reserve (Increase (-)/Decrease (+)) |
0.0 |
4.1 |
-4.1 |
0.0 |
13.2 |
-13.2 |
0.0 |
14.6 |
-14.6 |
0.0 |
31.3 |
-31.3 |
| C. Errors & Omissions (-) (A+B) |
0.6 |
0.0 |
0.6 |
0.0 |
2.0 |
-2.0 |
0.0 |
1.1 |
-1.1 |
0.0 |
1.9 |
-1.9 |
P: Preliminary
Note: Total of sub-components may not tally with aggregate due to rounding off. |
Alpana Killawala
Principal Adviser
Press Release : 2015-2016/2216
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