Reserve Bank of India – Press Releases

Preliminary information on India’s steadiness of funds (BoP) for the primary quarter (Q1), i.e., April-June 2022-23, are introduced in Statements I (BPM6 format) and II (previous format).

Key Features of India’s BoP in Q1:2022-23

1. India’s present account steadiness recorded a deficit of US$ 23.9 billion (2.8 per cent of GDP) in Q1:2022-23, up from US$ 13.4 billion (1.5 per cent of GDP) in This autumn:2021-22¹ and a surplus of US$ 6.6 billion (0.9 per cent of GDP) a 12 months in the past [i.e., Q1:2021-22].

2. Underlying the present account deficit in Q1:2022-23 was the widening of the merchandise commerce deficit to US$ 68.6 billion from US$ 54.5 billion in This autumn:2021-22 and a rise in web outgo of funding earnings funds.

3. Net companies receipts elevated, each sequentially and on a 12 months-on-12 months (y-o-y) foundation, on the again of rising exports of laptop and business companies.

4. Services exports grew y-o-y by 35.4 per cent, led by broad-based mostly development in laptop, business, transportation, and journey companies.

5. Private switch receipts, primarily representing remittances by Indians employed abroad, amounted to US$ 25.6 billion, a rise of 22.6 per cent from their degree a 12 months in the past.

6. Net outgo on the earnings account, primarily reflecting funds of funding earnings, elevated to US$ 9.3 billion from US$ 7.5 billion a 12 months in the past.

7. In the monetary account, web overseas direct funding elevated to US$ 13.6 billion from US$ 11.6 billion a 12 months in the past.

8. Net overseas portfolio funding recorded outflows of US$ 14.6 billion as in opposition to web inflows of US$ 0.4 billion throughout Q1:2021-22.

9. Net exterior business borrowings to India recorded an outflow of US$ 3.0 billion in Q1:2022-23 as in opposition to an influx of US$0.2 billion a 12 months in the past.

10. Non-resident deposits recorded web inflows of US$0.3 billion as in contrast with US$ 2.5 billion in Q1:2021-22.

11. There was an accretion of US$ 4.6 billion to the overseas alternate reserves (on a BoP foundation) in Q1:2022-23 as in contrast with US$ 31.9 billion in Q1:2021-22 (Table 1).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/957