Preliminary data on India's balance of payments (BoP) for the first quarter (Q1) of 2026-27, i.e., April-June 2026, are presented in Statements I and II. Key Features of India’s BoP in Q1:2026-27 -
India’s current account deficit stood at US$ 4.2 billion (0.5 per cent of GDP) in Q1:2026-27 as compared to US$ 3.4 billion (0.4 per cent of GDP) in Q1:2025-26 (Table 1). -
Merchandise trade deficit at US$ 86.1 billion in Q1:2026-27 was higher than US$ 68.9 billion in Q1:2025-26. -
Net services receipts increased to US$ 51.6 billion in Q1:2026-27 from US$ 47.9 billion a year ago. -
Services exports have risen on a year-on-year basis in major categories such as computer services, other business services and transportation services. -
Net outgo on the primary income account, mainly reflecting payments of investment income, decreased to US$ 10.5 billion in Q1:2026-27 from US$ 13.3 billion in Q1:2025-26. -
Personal transfer receipts under secondary income account, mainly representing remittances by Indians employed overseas, rose to US$ 42.9 billion in Q1:2026-27 from US$ 33.2 billion in Q1:2025-26. -
In the financial account, foreign direct investment (FDI) recorded a net inflow of US$ 6.1 billion in Q1:2026-27, higher than US$ 5.2 billion in Q1:2025-26. -
Foreign portfolio investment (FPI) recorded a net outflow of US$ 9.6 billion in Q1:2026-27 as against a net inflow of US$ 1.6 billion in Q1:2025-26. -
Non-resident deposits (NRI deposits) recorded a net inflow of US$ 2.8 billion in Q1:2026-27 as compared to US$ 3.6 billion in Q1:2025-26. -
Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 3.3 billion in Q1:2026-27 as compared to US$ 4.4 billion in Q1:2025-26. -
Foreign exchange reserves depleted by US$ 8.1 billion (on a BoP basis) in Q1:2026-27 as against an accretion of US$ 4.5 billion in Q1:2025-26 (Table 1). | Table 1: Major Items of India's Balance of Payments | | (US$ billion) | | | April-June 2025 PR | April-June 2026 P | | | Credit | Debit | Net | Credit | Debit | Net | | A. Current Account | 256.4 | 259.7 | -3.4 | 294.9 | 299.2 | -4.2 | | 1. Goods | 112.7 | 181.6 | -68.9 | 132.0 | 218.0 | -86.1 | | of which: | | | | | | | | POL | 17.0 | 49.2 | -32.2 | 23.0 | 60.6 | -37.6 | | 2. Services | 97.4 | 49.5 | 47.9 | 106.2 | 54.6 | 51.6 | | 3. Primary Income | 12.2 | 25.5 | -13.3 | 13.0 | 23.5 | -10.5 | | 4. Secondary Income | 34.0 | 3.1 | 30.9 | 43.8 | 3.0 | 40.8 | | B. Capital Account and Financial Account | 257.0 | 252.3 | 4.7 | 254.6 | 252.1 | 2.6 | | of which: | | | | | | | | 1. Direct Investment | 27.8 | 22.6 | 5.2 | 29.7 | 23.6 | 6.1 | | 2. Portfolio Investment | 146.3 | 144.7 | 1.6 | 134.4 | 144.0 | -9.6 | | 3. Other Investments | 77.2 | 69.3 | 7.9 | 72.7 | 65.0 | 7.7 | | of which: | | | | | | | | NRI Deposits | 23.8 | 20.2 | 3.6 | 24.3 | 21.5 | 2.8 | | ECBs to India | 10.8 | 6.4 | 4.4 | 10.2 | 7.0 | 3.3 | 4. Reserve Assets
[‘-’: Increase ; ‘+’: Decrease] | 0.0 | 4.5 | -4.5 | 8.1 | 0.0 | 8.1 | | C. Errors & Omissions (-) (A+B) | 0.0 | 1.4 | -1.4 | 1.6 | 0.0 | 1.6 | | 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: 2026-2027/1015 | |