India's current account balance records deficit of USD 8.1 billion for March quarter

By ANI | Published: June 30, 2021 10:51 PM2021-06-30T22:51:22+5:302021-06-30T23:00:18+5:30

India's current account balance (CAB) recorded a deficit of USD 8.1 billion for the fourth quarter of the financial year 2020-21, which is 1 per cent of the Gross Domestic Product (GDP), according to data released by Reserve Bank of India on Wednesday.

India's current account balance records deficit of USD 8.1 billion for March quarter | India's current account balance records deficit of USD 8.1 billion for March quarter

India's current account balance records deficit of USD 8.1 billion for March quarter

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India's current account balance (CAB) recorded a deficit of USD 8.1 billion for the fourth quarter of the financial year 2020-21, which is 1 per cent of the Gross Domestic Product (GDP), according to data released by Reserve Bank of India on Wednesday.

Moreover, the country's current account balance (CAB) recorded a surplus of USD 0.6 billion for the fourth quarter of the financial year 2019-20.

The RBI also said that the preceding quarter (Third Quarter) of the financial year 2020-21 also reported a deficit of USD 2.2 billion.

According to a statement issued by the RBI, net claims of non-residents in India increased by USD 11.2 billion during the fourth quarter of FY 2020-21 to USD 352.7 billion in March 2021.

"During 2020-21, non-residents' net claims on India reduced by USD 22.7 billion: increase in overseas assets of Indian residents (USD 141.2 billion) exceeded the rise in foreign-owned assets in India (US$ 118.5 billion)," the RBI said.

Meanwhile, the ratio of net International Investment Position (IIP) of India to GDP also improved to (-) 13.1 per cent in March 2021 from (-) 13.9 per cent a year ago.

"Private transfer receipts, mainly representing remittances by Indians employed overseas, increased to USD 20.9 billion, up by 1.7 per cent from their level a year ago," the RBI said.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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