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India’s current account deficit (CAD) increased to $11.5 billion (1.1% of GDP) in Q3:2024-25 from $10.4 billion (1.1% of GDP) in Q3:2023-24 but moderated from $16.7 billion (1.8% of GDP) in Q2:2024-25, according to data released by the Reserve Bank of India (RBI) on Friday.
Merchandise trade deficit increased to $79.2 billion in Q3:2024-25 from $71.6 billion in Q3:2023-24, the RBI said.
Net services receipts increased to $51.2 billion in Q3:2024-25 from $45.0 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services and travel services.
Net outgo on the primary income account, primarily reflecting payment of investment income, increased to $16.7 billion in Q3:2024-25 from $13.1 billion in Q3:2023-24.
Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $35.1 billion in Q3: 2024-25 from $30.6 billion in Q3:2023-24, the RBI said.
In the financial account, foreign direct investment recorded a net outflow of $2.8 billion in Q3:2024-25 as against an inflow of $4.0 billion in the corresponding period of 2023-24.
Foreign portfolio investment recorded a net outflow of $11.4 billion in Q3:2024-25 as against an inflow of $12.0 billion in Q3:2023-24, the RBI said.
Net inflows under external commercial borrowings (ECBs) to India amounted to $4.3 billion in Q3:2024-25, as against an outflow of $2.7 billion in the corresponding period a year ago.
Non-resident deposits (NRI deposits) recorded a net inflow of $3.1 billion, lower than $3.9 billion a year ago.
There was a depletion of $37.7 billion to the foreign exchange reserves (on a BoP basis) in Q3:2024-25 as against an accretion of $6.0 billion in Q3:2023-24.
BoP during April-December 2024
India’s CAD widened to $37.0 billion (1.3% of GDP) during April-December 2024 from $30.6 billion (1.1% of GDP) during April-December 2023 primarily on account of a higher merchandise trade deficit, the RBI said.
Net invisibles receipts were higher during April-December 2024 than a year ago on account of services and transfers.
Net FDI inflow at $1.6 billion during April-December 2024 was lower than $7.8 billion during April-December 2023.
During April-December 2024, portfolio investment recorded a net inflow of $9.4 billion, lower than $32.7 billion during the corresponding period a year ago, it said.
There was a depletion of $13.8 billion to the foreign exchange reserves (on a BoP basis) during April-December 2024, it added.
Published – March 28, 2025 11:14 pm IST
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