<p>Mumbai: India recorded a current account surplus of $5.7 billion (Rs 47.5 thousand crore) or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday.</p><p>In the year-ago period, the current account deficit stood at $1.3 billion (Rs 10.8 thousand crore) or 0.2 per cent of GDP, and the same was $8.7 billion (Rs 72.5 thousand crore) or 1 per cent of GDP in the preceding quarter ending December 2023.</p><p>For FY24, the current account deficit narrowed to $23.2 billion (Rs 1.93 lakh crore) or 0.7 per cent of GDP against $67 billion (Rs 5.58 lakh crore) or 2 per cent of GDP in FY23, the RBI said in a release on the Developments in India's Balance of Payments.</p><p>In January-March 2024, the merchandise trade deficit stood at $50.9 billion, lower than the $52.6 billion a year ago.</p><p>Net services receipts at $42.7 billion were higher than the $39.1 billion on the back of a 4.1 per cent growth in the segment, the central bank said, adding that this helped in swinging the current account into the surplus territory.</p>.RBI bags risk manager of year award 2024.<p>Net outgo on the primary income account, mainly reflecting payments of investment income, increased to $14.8 billion from $12.6 billion a year ago, the data released by the RBI said.</p><p>Private transfer receipts, which mainly represent remittances by Indians employed overseas, grew 11.9 per cent to $32 billion in the March quarter.</p><p>The non-resident deposits also surged to $5.4 billion in January-March compared to $3.6 billion in the year-ago period.</p><p>Net foreign direct investment flows were $2 billion in Q4 FY24 against $6.4 billion a year ago.</p><p>Foreign portfolio investment recorded a net inflow of $11.4 billion during the quarter compared to a net outflow of $1.7 billion a year ago.</p><p>Net inflows under external commercial borrowings to India were $2.6 billion against $1.7 billion.</p><p>In FY24, the portfolio investment recorded a net inflow of $44.1 billion against an outflow of $5.2 billion a year ago, while net FDI plummeted to $9.8 billion from $28 billion in FY23, the RBI said.</p>
<p>Mumbai: India recorded a current account surplus of $5.7 billion (Rs 47.5 thousand crore) or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday.</p><p>In the year-ago period, the current account deficit stood at $1.3 billion (Rs 10.8 thousand crore) or 0.2 per cent of GDP, and the same was $8.7 billion (Rs 72.5 thousand crore) or 1 per cent of GDP in the preceding quarter ending December 2023.</p><p>For FY24, the current account deficit narrowed to $23.2 billion (Rs 1.93 lakh crore) or 0.7 per cent of GDP against $67 billion (Rs 5.58 lakh crore) or 2 per cent of GDP in FY23, the RBI said in a release on the Developments in India's Balance of Payments.</p><p>In January-March 2024, the merchandise trade deficit stood at $50.9 billion, lower than the $52.6 billion a year ago.</p><p>Net services receipts at $42.7 billion were higher than the $39.1 billion on the back of a 4.1 per cent growth in the segment, the central bank said, adding that this helped in swinging the current account into the surplus territory.</p>.RBI bags risk manager of year award 2024.<p>Net outgo on the primary income account, mainly reflecting payments of investment income, increased to $14.8 billion from $12.6 billion a year ago, the data released by the RBI said.</p><p>Private transfer receipts, which mainly represent remittances by Indians employed overseas, grew 11.9 per cent to $32 billion in the March quarter.</p><p>The non-resident deposits also surged to $5.4 billion in January-March compared to $3.6 billion in the year-ago period.</p><p>Net foreign direct investment flows were $2 billion in Q4 FY24 against $6.4 billion a year ago.</p><p>Foreign portfolio investment recorded a net inflow of $11.4 billion during the quarter compared to a net outflow of $1.7 billion a year ago.</p><p>Net inflows under external commercial borrowings to India were $2.6 billion against $1.7 billion.</p><p>In FY24, the portfolio investment recorded a net inflow of $44.1 billion against an outflow of $5.2 billion a year ago, while net FDI plummeted to $9.8 billion from $28 billion in FY23, the RBI said.</p>