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Brief
Summary:
The Reserve Bank of India (RBI) has released the preliminary data on India's Balance of Payments (BoP) for the first quarter of 2023-24 (April-June 2023). Key highlights include:
A current account deficit of USD 9.2 billion, which is lower than the previous year's deficit of USD 17.9 billion.
Net services receipts decreased sequentially due to a decline in exports of computer, travel, and business services, but remained higher on a year-on-year basis.
Private transfer receipts, mainly representing remittances by Indians employed overseas, moderated to USD 27.1 billion from USD 28.6 billion in the previous quarter.
Net foreign direct investment decreased to USD 5.1 billion from USD 13.4 billion a year ago.
Net foreign portfolio investment recorded inflows of USD 15.7 billion, compared to net outflows of USD 14.6 billion in the same period last year.
The foreign exchange reserves accretion was USD 24.4 billion in Q1 2023-24, compared to USD 4.6 billion in Q1 2022-23.
The full data is presented in Table 1, including major items of India's Balance of Payments.
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