Mumbai: India’s current account balance (CAB) recorded a surplus of USD 19.8 billion (3.9 per cent of GDP) in the April-June quarter (Q1) of 2020-21, Reserve Bank of India (RBI) said in a press release on Wednesday.
A deficit of USD 15.0 billion (2.1 per cent of GDP) was recorded a year ago in Q1 of 2019-20.
The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to USD 10.0 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis, RBI said.
Net services receipts remained stable, primarily on the back of net earnings from computer services. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to USD 18.2 billion, a decline of 8.7 per cent from their level a year ago, it added.
RBI further informed that net outgo from the primary income account, primarily reflecting net overseas investment income payments, increased to USD 7.7 billion from USD 6.3 billion a year ago.
Mumbai (Maharashtra) [India], September 30 (ANI): India’s current account balance (CAB) recorded a surplus of USD 19.8 billion (3.9 per cent of GDP) in the April-June quarter (Q1) of 2020-21, Reserve Bank of India (RBI) said in a press release on Wednesday.
A deficit of USD 15.0 billion (2.1 per cent of GDP) was recorded a year ago in Q1 of 2019-20.
The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to USD 10.0 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis, RBI said.
Net services receipts remained stable, primarily on the back of net earnings from computer services. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to USD 18.2 billion, a decline of 8.7 per cent from their level a year ago, it added.
RBI further informed that net outgo from the primary income account, primarily reflecting net overseas investment income payments, increased to USD 7.7 billion from USD 6.3 billion a year ago.