Início Fashion Indian CAB sees $5.7-bn surplus in Q4 FY24 after $8.7-bn deficit in...

Indian CAB sees $5.7-bn surplus in Q4 FY24 after $8.7-bn deficit in Q3


India’s current account balance (CAB) recorded a surplus of $5.7 billion (0.6 per cent of gross domestic product [GDP]) in the fourth quarter of this fiscal (Q4 FY24) compared to deficits of $8.7 billion (1 per cent of GDP) in Q3 FY24 and $1.3 billion (0.2 per cent of GDP) in Q4 FY23, according to preliminary data on India’s balance of payments (BoP) for Q4 FY24 by the Reserve Bank of India (RBI).

The Q4 FY24 merchandise trade deficit at $50.9 billion was lower than $52.6 billion a year ago.

India’s current account balance saw a $5.7-billion surplus in Q4 FY24 compared to deficits of $8.7 billion in Q3 FY24 and $1.3 billion in Q4 FY23, central bank data show.
The Q4 FY24 merchandise trade deficit at $50.9 billion was lower than $52.6 billion a year ago.
The current account deficit moderated to $23.2 billion in FY24 from $67 billion during FY23.

Net outgo on the primary income account, primarily reflecting payments of investment income, increased to $14.8 billion in Q4 FY24 from $12.6 billion a year ago.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $32 billion in Q4 FY24, an increase of 11.9 per cent year on year (YoY).

In the financial account, net foreign direct investment flows were worth $2 billion in Q4 FY24 as compared with $6.4 billion a year ago.

Foreign portfolio investment recorded a net inflow of $11.4 billion in Q4 FY24 compared to a net outflow of $1.7 billion during Q4 FY23.

Net inflows under external commercial borrowings to India amounted to $2.6 billion in Q4 FY24 compared with $1.7 billion a year ago.

Non-resident deposits recorded a higher net inflow of $5.4 billion in Q4 FY24 compared to $3.6 billion in Q4 FY23.

India’s current account deficit moderated to $23.2 billion (0.7 per cent of GDP) during FY24 from $67 billion (2 per cent of GDP) during the previous fiscal on the back of a lower merchandise trade deficit, an RBI release said.

Net invisibles receipt was higher during FY24 than a year ago, primarily on account of services and transfers.

During FY24, portfolio investment recorded a net inflow of $44.1 billion as against an outflow of $5.2 billion a year ago.

Net FDI inflow was $9.8 billion during FY24 as compared with $28 billion in FY23.

In FY24, there was an accretion of $63.7 billion to the foreign exchange reserves (on a BoP basis).

Fibre2Fashion News Desk (DS)




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