April-June CAD at USD 15.8 billion, says RBI in Balance of Payments data
NEW DELHI: India's current account deficit (CAD) has gone up to $15.8 billion in Q1 of 2018-19 compared with $15 billion in the same quarter last fiscal, however in terms of percentage to GDP, it has declined marginally to 2.4 per cent against 2.5 per cent of the GDP in the corresponding quarter.
"India's current account deficit (CAD) stood at $15.8 billion (2.4 per cent of GDP) in Q1 of 2018-19 as compared with $15 billion (2.5 per cent of GDP) in Q1 of 2017-18," the RBI said on Developments in India's Balance of Payments (BoP) data released on Friday.
According to the data, net services receipts increased by 2.1 per cent year-on-year mainly on the back of a rise in net earnings from software and financial services.
"Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $18.8 billion, increasing by 16.9 per cent from their level a year ago," the central bank said.
The RBI data also revealed that net foreign direct investment at $9.7 billion in the first quarter of 2018-19, higher than $7.1 billion in the year-ago period. But on the flip side portfolio investment recorded net outflow of $8.1 billion in the first quarter of 2018-19, the RBI added.
Net receipts on account of non-resident deposits amounted to $3.5 billion in April-June, 2018-19, as compared with $1.2 billion a year ago. The foreign exchange reserves also depleted marginally at $11.3 billion in the first quarter as against $11.4 billion in the year-ago period.