Preliminary data on India's balance of payments (BoP) for the fourth quarter (Q4), i.e., January-March 2025-26, are presented in Statements I and II. Key Features of India’s BoP in Q4:2025-26 -
India’s current account surplus stood at US$ 7.1 billion (0.7 per cent of GDP) in Q4:2025-26 as compared to US$ 13.7 billion (1.4 per cent of GDP) in Q4:2024-25 (Table 1).1,2 -
Merchandise trade deficit at US$ 83.4 billion in Q4:2025-26 was higher than US$ 59.3 billion in Q4:2024-25. -
Net services receipts increased to US$ 60.4 billion in Q4:2025-26 from US$ 53.3 billion a year ago. -
Services exports have risen on a year-on-year basis in major categories such as computer services and other business services. -
Net outgo on the primary income account, mainly reflecting payments of investment income, decreased to US$ 11.1 billion in Q4:2025-26 from US$ 11.9 billion in Q4:2024-25. -
Personal transfer receipts under secondary income account, mainly representing remittances by Indians employed overseas, rose to US$ 43.5 billion in Q4:2025-26 from US$ 33.9 billion in Q4:2024-25. -
In the financial account, foreign direct investment (FDI) recorded a net inflow of US$ 4.2 billion in Q4:2025-26, higher than US$ 0.4 billion in Q4:2024-25. -
Foreign portfolio investment (FPI) recorded a net outflow of US$ 12.0 billion in Q4:2025-26, higher than the outflow of US$ 5.9 billion in Q4:2024-25. -
Non-resident deposits (NRI deposits) recorded a net inflow of US$ 3.3 billion in Q4:2025-26, higher than US$ 2.8 billion in Q4:2024-25. -
Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 3.6 billion in Q4:2025-26 as compared to US$ 7.5 billion in Q4:2024-25. -
Foreign exchange reserves increased by US$ 7.2 billion (on a BoP basis) in Q4:2025-26 as compared to an accretion of US$ 8.8 billion in Q4:2024-25 (Table 1). Key Features of India’s BoP During 2025-26 -
India’s current account deficit stood at US$ 25.2 billion (0.6 per cent of GDP) in 2025-26 as compared to US$ 22.9 billion (0.6 per cent of GDP) during 2024-25 (Table 1). -
Net invisibles receipts3 at US$ 312.0 billion were higher in 2025-26 than US$ 264.0 billion a year ago, primarily on account of net services receipts and net personal transfers. -
Net FDI inflows increased to US$ 6.9 billion in 2025-26 from US$ 1.0 billion in 2024-25. -
FPIs recorded net outflows of US$ 16.4 billion in 2025-26 as against net inflows of US$ 3.6 billion a year ago. -
In 2025-26, foreign exchange reserves depleted by US$ 23.6 billion (on a BoP basis) as compared with a depletion of US$ 5.0 billion a year ago. | Table 1: Major Items of India's Balance of Payments | | (US$ billion) | | | January-March
2025 PR | January-March
2026 P | 2024-25
PR | 2025-26
P | | | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | | A. Current Account | 265.1 | 251.4 | 13.7 | 280.5 | 273.4 | 7.1 | 1018.6 | 1041.6 | -22.9 | 1077.8 | 1103.0 | -25.2 | | 1. Goods | 116.4 | 175.8 | -59.3 | 113.1 | 196.6 | -83.4 | 442.1 | 729.0 | -286.9 | 446.1 | 783.4 | -337.3 | | of which: | | | | | | | | | | | | | | POL | 14.1 | 44.3 | -30.2 | 12.3 | 38.6 | -26.3 | 63.4 | 185.8 | -122.4 | 53.8 | 173.9 | -120.1 | | 2. Services | 102.0 | 48.7 | 53.3 | 111.1 | 50.7 | 60.4 | 387.6 | 198.7 | 188.8 | 421.3 | 204.7 | 216.6 | | 3. Primary Income | 11.9 | 23.8 | -11.9 | 12.0 | 23.2 | -11.1 | 53.4 | 101.7 | -48.3 | 55.0 | 103.2 | -48.2 | | 4. Secondary Income | 34.7 | 3.2 | 31.5 | 44.3 | 3.0 | 41.3 | 135.6 | 12.1 | 123.5 | 155.3 | 11.7 | 143.6 | | B. Capital Account and Financial Account | 255.9 | 270.3 | -14.4 | 477.9 | 486.3 | -8.4 | 1156.2 | 1134.7 | 21.5 | 1640.0 | 1614.6 | 25.4 | | of which: | | | | | | | | | | | | | | 1. Direct Investment | 18.5 | 18.1 | 0.4 | 22.5 | 18.3 | 4.2 | 84.2 | 83.2 | 1.0 | 98.3 | 91.4 | 6.9 | | 2. Portfolio Investment | 126.0 | 131.8 | -5.9 | 126.2 | 138.3 | -12.0 | 639.3 | 635.8 | 3.6 | 593.7 | 610.1 | -16.4 | | 3. Other Investments | 106.3 | 98.9 | 7.4 | 320.4 | 304.1 | 16.2 | 370.4 | 336.0 | 34.3 | 885.3 | 849.6 | 35.7 | | of which: | | | | | | | | | | | | | | NRI Deposits | 26.3 | 23.5 | 2.8 | 28.8 | 25.5 | 3.3 | 104.5 | 88.4 | 16.2 | 101.8 | 87.4 | 14.4 | | ECBs to India | 15.8 | 8.3 | 7.5 | 10.0 | 6.4 | 3.6 | 48.0 | 29.5 | 18.5 | 35.7 | 21.5 | 14.2 | 4. Reserve Assets
[Increase (-)/Decrease (+)] | 0.0 | 8.8 | -8.8 | 0.0 | 7.2 | -7.2 | 37.7 | 32.6 | 5.0 | 35.3 | 11.7 | 23.6 | | C. Errors & Omissions (-) (A+B) | 0.8 | 0.0 | 0.8 | 1.3 | 0.0 | 1.3 | 1.4 | 0.0 | 1.4 | 0.0 | 0.1 | -0.1 | | PR: Partially Revised; and P: Preliminary. | | Note: Total of sub-components may not tally with aggregate due to rounding off. | (Brij Raj)
Chief General Manager Press Release: 2026-2027/412
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