Reserve Bank of India – Press Releases

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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).

Table 1: Major Items of India’s Balance of Payments
(US$ billion)
  April-June 2022 P April-June 2021
  Credit Debit Net Credit Debit Net
A. Current Account 231.0 254.9 -23.9 180.1 173.5 6.6
1. Goods 123.0 191.5 -68.6 97.4 128.2 -30.7
    Of which:            
       POL 27.1 60.6 -33.6 12.9 30.9 -18.0
2. Services 76.1 45.0 31.1 56.2 30.4 25.8
3. Primary Income 6.3 15.5 -9.3 5.5 13.1 -7.5
4. Secondary Income 25.6 2.8 22.9 20.9 1.9 19.0
B. Capital Account and Financial Account 197.7 174.4 23.3 164.0 170.5 -6.5
    Of which:            
       Change in Reserves [Increase (-)/Decrease (+)] 0.0 4.6 -4.6 0.0 31.9 -31.9
C. Errors & Omissions (-) (A+B) 0.5 0.0 0.5 0.0 0.1 -0.1
P: Preliminary
Note: Total of sub-parts could not tally with combination as a consequence of rounding off.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/957


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