Developments in India’s Balance of
Payments during First Quarter
(April-June) of 2012-13*
The data on India’s Balance of Payments (BoP) are
compiled and published by the Reserve Bank on a
quarterly basis with a lag of one quarter. This article
covers the analysis of major developments in India’s
BoP during the first quarter of 2012-13 on the basis of
new format of BoP1.
In addition, the disaggregated data on invisibles
for April-June 2012 (Q1) along with quarterly data for
2011-12 and annual data for the preceding two years
are also being published as a part of this article
(Attachment I & II).
Highlights of BoP during Q1 of 2012-13
During Q1 of 2012-13, a moderation in trade deficit
due to sharper decline in imports growth as compared
with exports growth coupled with improvements in
secondary income,led to decline in current account
deficit (CAD) in absolute terms as compared with Q1
of the previous year. However, as a proportion of GDP
it rose to 3.9 per cent vis-à-vis 3.8 per cent in Q1 of the
previous year. The latter has, inter-alia, been on account
of slowdown in GDP growth and depreciation of Rupee,
y-o-y, during the quarter.
-
On a BoP basis, growth in merchandise exports
(y-o-y) recorded a decline of 2.6 per cent during
Q1 of 2012-13 from 42.7 per cent during the
corresponding quarter of 2011-12.
-
Imports growth also witnessed deceleration and
declined by 3.6 per cent during Q1 of 2012-13 as
against a growth of 41.8 per cent in the
corresponding quarter of the preceding year.
-
With decline in imports growth sharper than
decline in exports growth, the trade deficit
narrowed down to US$ 42.5 billion in Q1 of 2012-
13 as compared with US$ 44.9 billion in Q1 of
2011-12. However, as a percentage of GDP, trade
deficit widened to 10.0 per cent during the quarter
as compared with 9.8 per cent in Q1 of previous
year.
-
Net exports of services witnessed a decline of 13.0
per cent during Q1 of 2012-13 over Q1 of 2011-12
mainly due to lower growth in receipts led by
‘transport’, ‘travel’, ‘construction’, ‘insurance &
pension services’ and ‘other services’.
-
Continued depreciation of exchange rate seems
to have induced a pick-up in net secondary income
(private transfers) receipts which rose by 13.8 per
cent (y-o-y) to US$ 16.8 billion in Q1 of 2012-13 as
compared with US$ 14.8 billion in Q1 of 2011-12.
-
The primary income account (mainly investment
income) showed a net outflow of US$ 4.9 billion
in Q1 of 2012-13, which was 35.2 per cent higher
than the outflows recorded during the
corresponding period of the previous year.
-
Consequently, the CAD at US$ 16.4 billion was
lower in Q1 of 2012-13 than the corresponding
quarter of the previous year (US$ 17.4 billion). However, as a proportion to GDP, CAD stood at 3.9
per cent as compared with 3.8 per cent (revised)
in the corresponding quarter of previous year.
-
Net inflows under capital and financial account
witnessed a decline primarily on account of
moderation in foreign direct investment (FDI)
inflows and loans availed by banks and non-banks.
-
There was a net accretion to foreign exchange
reserves of US$ 0.5 billion during Q1 of 2012-13 (excluding valuation) as compared with an
increase of US$ 5.4 billion in the corresponding
quarter of 2011-12, essentially reflecting
deterioration in the capital and financial account.
1. Balance of Payments during Q1of
2012-13
India’s export performance which had lost
momentum in the second half of 2011-12 continued to
be subdued in 2012-13. There has been absolute decline
in exports as the economic slowdown in developed
countries further worsened particularly in EU countries
with spill over impact on other emerging market
economies. Slowdown in domestic economic growth
coupled with sluggish exports prospects led to the
contraction in imports growth during Q1 of 2012-13.
Notably, import of gold and silver declined sharply
during the quarter.
Inflows under capital and financial account during
April-June 2012 witnessed a volatile trend and stood
lower than the corresponding quarter of preceding year
reflecting the uncertainty in the global financial market,
disturbances from Euro Area crisis and downside risks
of domestic economy. Net financial flows during the
quarter were also impacted due to uncertainty about
proposals relating to retrospective taxation on capital
gains, imposition of General Anti-Avoidance Rule
(GAAR) to curb the use of shelters from tax evasion and
taxation of short-term capital gains of foreign portfolio
equity inflows. However, deregulation of interest rates
on NRI rupee deposits and increase in ceilings on
foreign currency deposits along with requirements of
exporters to repatriate 50 per cent of their exports
earning in rupee account led to improvement in capital
flows particularly under banking capital.
Capital flows, which were insufficient to finance
CAD in the previous two quarters i.e., Oct-Dec 2011
and Jan-Mar 2012, picked up in Q1 of 2012-13 to cover
the current account gap besides adding marginally to
the foreign exchange reserves. The developments in
the major items of the BoP for Q1 of 2012-13 are set
out below in Table 1.
Table 1: Major items of India’s Balance of Payments |
(US$ billion) |
|
Apr-Jun
2012
(P) |
Apr-Jun
2011 (PR) |
Jan-Mar
2012 (P) |
1. Goods exports |
76.7 |
78.8 |
80.0 |
2. Goods Imports |
119.2 |
123.7 |
131.7 |
3. Trade Balance(1-2) |
-42.5 |
-44.9 |
-51.7 |
4. Services Exports |
34.4 |
33.7 |
37.7 |
5. Services Imports |
20.2 |
17.4 |
20.0 |
6. Net Services (4-5) |
14.2 |
16.3 |
17.7 |
7. Goods & Services Balances (3+6) |
-28.3 |
-28.6 |
-34.0 |
8. Primary Income, Net (Compensation of employees and Investment Income) |
-4.9 |
-3.6 |
-4.6 |
9. Secondary Income, Net ( Private Transfers) |
16.8 |
14.8 |
16.9 |
10. Net Income (8+9) |
11.9 |
11.2 |
12.3 |
11. Current Account Balance (7+10) |
-16.4 |
-17.4 |
-21.7 |
12. Capital and Financial Account Balance, Net (Excl. change in reserves) |
16.8 |
23.8 |
16.5 |
13. Change in Reserves (-)increase/(+) decrease |
-0.5 |
-5.4 |
5.7 |
14. Errors & Omissions - (11+12+13) |
0.1 |
-0.9 |
-0.6 |
Note: Total of subcomponents may not tally with aggregate due to
rounding off.
P: Preliminary, PR: Partially Revised |
Goods Trade
Merchandise Exports
-
On a BoP basis, growth in merchandise exports
(y-o-y), declined by 2.6 per cent during Q1 of 2012-
13 as against a growth of 42.7 per cent in the same
quarter of previous year.
-
Disaggregated exports data show that the
manufacturing and POL product which together
account for around 80 per cent of total exports
declined by 3.3 per cent and 21.4 per cent
respectively, during the quarter as against a robust
growth of 36.1 per cent and 77.3 per cent in Q1 of
previous year. Decline in manufacturing sector
growth was led by decline in growth of Engineering
Goods (Transport Equipments and Iron & Steel),
Textile and textile products (Readymade garments)
and Gems & jewellery.
-
In terms of destination, exports to European
Union registered a sharp decline of 15.8 per cent. Exports to developing countries which could offset
the lower demand from advanced countries in the
previous year also recorded a fall of 4.9 per cent,
during Q1 of 2012-13. Among the Asian countries,
fall in exports was more prominent in case of
Singapore (-42.7 per cent) and South Korea (-28.5
per cent). Decline in exports was also discernible
in case of most of the African and Latin American
countries.
Merchandise Imports
- The slowdown in domestic economic activity and
weakening exports prospects seem to have led to
moderate decline in growth of merchandise
imports. Merchandise imports on BoP basis
declined by 3.6 per cent as against a rise of 41.8
per cent in Q1 of 2011-12 as imports of precious
metal recorded absolute decline. There has also
been moderation in the non-oil non-gold imports
and that of POL stayed at the level as last year.
Gold and silver imports declined sharply by 47.6
per cent as against a growth of 124.9 per cent in
the corresponding quarter of last year. Non-oil
non-gold imports moderated to around 2 per cent
over the corresponding quarter of previous year.
Oil imports accounted for 34.2 per cent of total
imports during Q1 of 2012-13 (32.1 per cent in Q1
of 2011-12) (Chart 1).
 |
-
While the moderation in oil imports was largely
a reflection of decline in international prices,
decline in case of gold has been due to decline in
the quantity imported. The price of Indian basket
of crude oil at US$ 106.8 per bbl has been around
6 per cent lower than that in the same period in
the preceding year (Chart 1). On the other hand,
international gold prices on average remained
above US$ 1,600 per troy ounce as compared with
the level of around US$ 1,500 per troy ounce
during the same period previous year.
- Significant decline in gold imports during April-
June 2012 over the corresponding quarter of the
previous year is possibly a reflection of the impact
of a rise in customs duty, the policy to restrain
gold loans by NBFCs and rupee depreciation. It
may be noted that despite increase in custom
duty, spread of gold prices in India over the
international price is about `1,000 per 10 gram
which works out to around 3.8 per cent of the
international price. In 1991-92, when sizeable
quantity of precious metal was being brought in
through illegal means, the spread of domestic
price and international prices was about `1,450
that was more than 50 per cent of the international
price of gold (Chart 2).
 |
- At disaggregated level, within non-oil non-gold
component of merchandise imports, slowdown
was prominent in case of capital goods (machinery
and electronic goods) and exports oriented items
like ‘pearls, precious & semi precious stones’.
Trade Deficit
- With sharper decline in imports growth than in
exports growth, the trade deficit moderated to US$
42.5 billion in Q1 of 2012-13 as compared with
US$ 44.9 billion in Q1 of 2011-12, showing an
improvement of 5.4 per cent on y-o-y basis
(Chart 3). However in terms of GDP, trade deficit
rose by 20 basis points (y-o-y) to 10.0 per cent in
Q1 of 2012-13.
Services
During the quarter, decline in growth of services
exports along with rise in growth in services imports
resulted in deterioration in net service balances during
the quarter under review (Table 2).
Table 2: Disaggregated Items of Current Account |
(US$ billion) |
|
Apr-Jun
2012 (P) |
Apr-Jun
2011 (PR) |
Jan-Mar
2012 (P) |
1. |
Goods |
-42.5 |
-44.9 |
-51.6 |
2. |
Services |
14.2 |
16.3 |
17.7 |
|
a Transport |
0.6 |
0.3 |
0.4 |
|
b Travel |
0.4 |
0.2 |
2.2 |
|
c Construction |
-0.04 |
0.05 |
-0.1 |
|
d Insurance and pension services |
0.3 |
0.3 |
0.3 |
|
e Financial Services |
-0.1 |
-0.5 |
-0.4 |
|
f Charges for the use of intellectual property |
-0.8 |
-0.6 |
-0.9 |
|
g Telecommunications, computer and information services |
15.5 |
14.4 |
16.7 |
|
h Personal, cultural and recreational services |
0.02 |
0.01 |
0.05 |
|
i Government goods & services |
-0.01 |
-0.1 |
-0.2 |
|
j Other Business services |
-0.1 |
-0.3 |
-0.2 |
|
k Others n.i.e |
-1.4 |
2.3 |
-0.2 |
3. |
Primary Income |
-4.9 |
-3.6 |
-4.6 |
|
a. Compensation of Employees |
0.2 |
0.2 |
0.01 |
|
b Investment Income |
-5.1 |
-3.8 |
-4.6 |
4. |
Secondary Income |
16.8 |
14.8 |
16.9 |
|
a. Personal Transfers |
16.1 |
14.3 |
16.4 |
|
b. Other Transfers |
0.7 |
0.5 |
0.4 |
5. |
Current Account (1+2+3+4) |
-16.4 |
-17.4 |
-21.7 |
Note: Total of subcomponents may not tally with aggregate due to rounding off.
P: Preliminary, PR: Partially Revised |
-
During the quarter, while growth in services
receipts on y-o-y basis, moderated to 2.0 per cent
(27.4 per cent in Q1 of 2011-12), services payments
witnessed a higher growth of 15.9 per cent largely
on account of surge in other services. consequently,
net services exports during the quarter declined by 13.0 per cent to US$ 14.2 billion (US$ 16.3
billion in Q1 of 2011-12). Decline in net services receipts was mainly on account of construction, financial services, telecommunication, information
and other services.
Income
While net outflow on account of primary income
widened, there has been an increase in net secondary
income in Q1 of 2012-13 (Table 2). The significant rise
under secondary income account may be attributed to
weakening of Indian rupee which induced higher
workers’ remittances for family maintenance.
Primary Income
-
Net outflow on account of primary income in Q1
of 2012-13 at US$ 4.9 billion was significantly
higher than the level recorded in Q1 of 2011-12
(US$ 3.6 billion). Compensation of employees
continued to record surpluses, albeit marginal, in
Q1 of 2012-13 for the fifth successive quarter.
-
During Q1 of 2012-13, payments on account of
investment income including other income rose
by 14.5 per cent as against a decline of 1.8 per cent
during the same period a year ago driven by higher
interest payments under ECBs, short-term credits
and NRI deposits as India has increasingly resorted
to debt flows to finance its current account deficit.
-
In contrast, receipts on account of investment
income including other primary income, largely
representing earning on foreign currency assets,
at US$ 1.4 billion recorded a decline of 24.6 per
cent as compared to a decline of 27.5 per cent in
the corresponding quarter mainly due to
persistence of lower interest rate abroad.
Secondary Income
-
Secondary income (on a net basis), reflecting
mainly the remittances from overseas Indians, at
US$ 16.8 billion remained buoyant and recorded
a growth of 13.8 per cent in Q1 of 2012-13 as
compared with 12.7 per cent in Q1 of 2011-12.
-
NRI deposits, when withdrawn domestically, form
part of personal transfers because once withdrawn
for local use these become unilateral transfers and
do not have any quid pro quo. During Q1 of 2012-13, the share of local withdrawals in total
outflows from NRI deposits at 63.4 per cent was
lower compared to that in the same period of
previous year (Table 3).
-
Under personal transfers, the inward remittances
for family maintenance accounted for 49.0 per
cent of the total personal transfer receipts, while
local withdrawals accounted for 46.4 per cent
during Q1 of 2012-13 (Table 4).
Table 3: Inflows and Outflows from NRI Deposits and Local Withdrawals |
(US$ billion) |
Year |
Inflows |
Outflows |
Local Withdrawals |
1 |
2 |
3 |
4 |
2010-11 (PR) |
49.3 |
46.0 |
26.2 |
2011-12 (P) |
64.3 |
52.4 |
32.5 |
Apr-Jun 2011-12(PR) |
12.5 |
11.3 |
7.5 |
Apr-Jun 2012-13 (P) |
19.3 |
12.8 |
8.1 |
P: Preliminary.
PR: Partially Revised. |
Table 4: Details of Personal Transfers to India |
(US$ billion) |
Year |
Total
Private
Transfers |
of Which: |
Inward remittances
for family
maintenance |
Local withdrawals/
redemptions from
NRI Deposits |
Amount |
Percentage
Share in
Total |
Amount |
Percentage
Share in
Total |
1 |
2 |
3 |
4 |
5 |
6 |
2010-11 (PR) |
55.6 |
27.4 |
49.3 |
26.2 |
47.1 |
2011-12 (P) |
66.1 |
31.3 |
47.4 |
32.5 |
49.2 |
Apr-Jun 2011-12 (PR) |
15.5 |
7.4 |
47.7 |
7.5 |
48.4 |
Apr-Jun 2012-13 (P) |
17.5 |
8.5 |
49.0 |
8.1 |
46.4 |
P: Preliminary. PR: Partially Revised. |
Current Account
During the period, despite worsening of primary
income account and net services, lower trade deficit
coupled with improvement in the secondary income
led to moderation in absolute size of current account
deficit. In spite of moderation in CAD in absolute terms,
CAD as a percentage of GDP stood higher at 3.9 per cent of GDP in Q1 of 2012-13 as compared with 3.8 per cent
during the corresponding quarter previous year mainly
due to lower GDP level in US$ term. As per our
estimates CAD-GDP ratio in the range of 2.4-2.8 per
cent is sustainable when economy is growing at the
rate of 6-8 per cent, Thus, the current level of CAD-GDP
ratio (3.9 per cent) is above the sustainable level.
- CAD stood at US$ 16.4 billion in Q1 of 2012-13 as
compared to US$ 21.7 billion during preceding
quarter and US$ 17.4 in Q1 of 2011-12 (Chart 4).
Capital & Financial Account
Higher level of vulnerability in global financial
markets led by Euro crisis and subdued domestic
economic activities continued to impact the financial
flows to India in Q1 of 2012-13. However, flows under
NRI deposits revived during the quarter, following the
policy relaxation governing such flows.
Net inflows under capital and financial account
(excluding change in foreign exchange reserves) stood
at US$ 16.8 billion in Q1 of 2012-13 as compared with
US$ 23.8 billion during Q1 of 2011-12 (Table 5).
Table 5: Disaggregated Items of Financial Account |
(US$ Billion) |
|
Apr-Jun
2012
(P) |
Apr-Jun
2011
(PR) |
Jan-Mar
2012 (P) |
1. Direct Investment (net) |
4.2 |
9.3 |
1.4 |
1.a Direct Investment in India |
6.2 |
12.4 |
4.2 |
1.b Direct Investment by India |
-2.0 |
-3.1 |
-2.9 |
2. Portfolio Investment |
-2.0 |
2.3 |
13.9 |
2.a Portfolio Investment in India |
-1.7 |
2.5 |
14.1 |
2.b Portfolio Investment by India |
-0.3 |
-0.2 |
-0.2 |
3. Financial Derivatives & Employee Stock Options |
-0.5 |
- |
- |
4. Other investment |
15.3 |
12.6 |
1.4 |
4.a Other equity (ADRs/GDRs) |
0.1 |
0.3 |
0.03 |
4.b Currency and deposits |
6.5 |
1.2 |
4.6 |
Deposit-taking corporations,except the central bank (NRI
Deposits) |
6.6 |
1.2 |
4.7 |
4.c Loans* |
3.8 |
14.9 |
-0.03 |
4.c.i Loans to India |
3.7 |
14.9 |
-0.02 |
Deposit-taking corporations,except the central bank |
3.0 |
11.5 |
-2.6 |
General government
(External Assistance) |
-0.1 |
0.4 |
0.3 |
Other sectors (External Commercial Borrowings) |
0.8 |
3.0 |
2.3 |
4.c.ii Loans by India |
0.1 |
-0.02 |
-0.01 |
General government (External Assistance) |
-0.1 |
-0.04 |
-0.04 |
Other sectors (External Commercial Borrowings) |
0.1 |
0.02 |
0.03 |
4.d Trade credit and advances |
5.4 |
3.1 |
0.2 |
4.e Other accounts receivable/payable |
-0.4 |
-6.8 |
-3.3 |
5. Reserve assets |
-0.5 |
-5.4 |
5.7 |
Financial Account (1+2+3+4+5) |
16.5 |
18.7 |
22.4 |
*: Includes External Assistance, ECBs and Banking Capital.
P: Preliminary, PR: Partially Revised
Note: Total of sub components may not tally with aggregate due to rounding off. |
Capital Account
The capital account, which includes part of official
transfers, purchase/sale of intangible assets like patents, copyrights, trademarks and other capital
transfers recorded a marginal deficit of US$ 0.2 billion
during Q1 of 2012-13 mainly on account of deficits in
capital transfers on Government account
Financial Account
With a slowdown in the net FDI to India (inward
FDI minus outward FDI), outflows under portfolio
investment and decline in ‘loans to India’ by deposit
taking corporations (Non-NRI Banking Capital) and by
other sectors (ECBs), the net inflows under the financial account excluding change in reserves during April-June
2012 recorded a significant decline over the same period
of previous year (Table 5). Net financial inflows declined
to US$ 17.0 billion during Q1 of 2012-13 (US$ 24.1
billion during Q1 in previous year).
-
The gross financial inflows, excluding reserve
changes, in Q1 declined significantly to US$ 111.5
billion during Q1 of 2012-13 (US$ 128.7 billion a
year ago) and similarly gross financial outflows
during the period were also lower at US$ 94.5
billion (US$ 104.6 billion a year ago).
-
On net basis, overall financial account (excluding
changes in reserves) in Q1 of 2012-13 recorded a
steep decline mainly on account of net outflows
under portfolio investment and lower inflows
under most of the items under capital account
(Table 5).
-
Despite decline in FDI by India during the quarter
as compared with the outflows recorded during
the same period previous year, net FDI inflows
witnessed a significant decline and amounted to
US$ 6.2 billion as compared with US$ 12.4 billion
in Q1 of 2011-12 primarily on account of decline
in fresh FDI inflows to India.
-
Sector wise, the decline in gross FDI to India (i.e.,
inward FDI) during April-June 2012 was on account
of lower FDI inflows almost in all sectors led by
manufacturing, financial services, business
services and communication services (Table 6).
-
Country wise, investment routed through
Mauritius remained the largest component of
gross FDI inflows to India in the first quarter of
2012-13, followed by the Netherlands and UK
(Table 7).
-
Gross outward FDI flows moderated during Q1 of
2012-13 mainly on account of lower outflows
under other capital (inter-company borrowing). In
terms of sectors, there has been significant
moderation in outward FDI was observed in
‘agriculture, hunting, forestry & fishing’, ‘financial
insurance, real estate & business services’,
‘manufacturing’ and ‘wholesale, retail trade,
restaurants & hotels’. Furthermore, sectors, viz.
‘financial, insurance, real estate & business
services’ and manufacturing continued to account
for more than 50 percent of total outward FDI
during 2012-13 (Table 6).
Table 6: Sector-wise FDI: Inflows and Outflows |
(US$ billion) |
Gross FDI inflows to India# |
Gross FDI outflows from India* |
Industry |
2012 |
2011 |
2012 |
Industry |
2012 |
2011 |
2012 |
Apr-Jun |
Jan-Mar |
Apr-Jun |
Jan-Mar |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
Manufacture |
1.4 |
4.6 |
1.4 |
Financial, Insurance, Real Estate and Business Services |
0.6 |
0.8 |
0.8 |
Construction |
0.3 |
0.5 |
0.9 |
Manufacturing |
0.8 |
0.9 |
0.6 |
Electricity and others |
0.4 |
0.4 |
0.4 |
Transport, Storage and Communication Services |
0.5 |
0.9 |
0.6 |
Business Services |
0.2 |
0.9 |
0.3 |
Wholesale, Retail Trade, Restaurants and Hotels |
0.2 |
0.2 |
0.3 |
Financial Services |
0.7 |
1.3 |
0.2 |
Community, Social and Personal Services |
0.0 |
0.0 |
0.2 |
Restaurants and Hotels |
0.1 |
0.3 |
0.2 |
Construction |
0.1 |
0.1 |
0.1 |
Computer Services |
0.1 |
0.3 |
0.2 |
Agriculture , Hunting, Forestry and Fishing |
0.1 |
0.1 |
0.1 |
Communication Services |
0.0 |
1.2 |
0.0 |
Electricity, Gas and Water |
0.0 |
0.0 |
0.0 |
Others |
0.3 |
1.1 |
0.7 |
Miscellaneous |
0.0 |
0.0 |
0.0 |
Total |
3.5 |
10.6 |
4.3 |
Total |
2.2 |
3.0 |
3.0 |
#: Includes equity FDI through SIA/FIPB and RBI routes only and hence are not comparable with data in other tables.
*: Includes equity (except that of individuals and banks), loans and guarantee invoked, and hence are not comparable with data in other tables. |
Table 7: Country-wise FDI: Inflows and Outflows |
(US$ billion) |
Gross FDI inflows to India# |
Gross FDI outflows to India* |
Country |
2012 |
2011 |
2012 |
Country |
2012 |
2011 |
2012 |
Apr-Jun |
Jan-Mar |
Apr-Jun |
Jan-Mar |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
Mauritius |
1.1 |
3.8 |
1.2 |
Netherlands |
0.3 |
0.3 |
0.6 |
Singapore |
0.3 |
1.9 |
0.6 |
Mauritius |
0.2 |
0.8 |
0.5 |
Cyprus |
0.2 |
0.2 |
0.6 |
Singapore |
0.5 |
0.7 |
0.5 |
Netherlands |
0.5 |
0.4 |
0.3 |
USA |
0.3 |
0.4 |
0.2 |
UK |
0.4 |
2.5 |
0.2 |
UK |
0.1 |
0.0 |
0.2 |
Japan |
0.2 |
0.4 |
0.2 |
Australia |
0.1 |
0.0 |
0.2 |
U.S.A |
0.1 |
0.3 |
0.2 |
British Virgin Islands |
0.1 |
0.1 |
0.1 |
UAE |
0.1 |
0.1 |
0.2 |
UAE |
0.1 |
0.1 |
0.1 |
South Korea |
0.1 |
0.1 |
0.1 |
Others |
0.5 |
0.5 |
0.7 |
Others |
0.5 |
0.9 |
0.7 |
|
|
|
|
Total |
3.5 |
10.6 |
4.3 |
Total |
2.2 |
3.0 |
3.0 |
#: Includes equity FDI through SIA/FIPB and RBI routes only and hence are not comparable with data in other tables.
*: Includes equity (except that of individuals and banks), loans and guarantee invoked, and hence are not comparable with data in other tables. |
-
Direction wise (i.e., in terms of recipient
countries), investment going to the Singapore
constituted the largest component of gross
outward FDI during the period, followed by the
Netherlands and the USA (Table 7).
-
During April-June 2012, the actual outward FDI in
joint ventures (JVs) and wholly owned subsidiaries
(WOSs) stood at US$ 2.2 billion, which was about
73 per cent of the investment made during the
same period of previous year. During Q1 of 2012-
13, investment financed through equity improved
to 45.3 per cent whereas the loan component
registered a marginal decline over the
corresponding period a year ago. Accordingly, the
share of equity in total outward FDI increased to
45.3 per cent as compared to 43.3 per cent in the
preceding year (Table 8).
-
Volatile trend of portfolio investment witnessed
during last year continued during 2012-13. On a
net basis, portfolio investment turned negative
and amounted to (-) US$ 2.0 billion during the
quarter as against the inflows of US$ 13.9 billion
in Q4 of 2011-12 and inflows of US$ 2.3 billion
during the corresponding quarter previous year.
-
Net loans during the quarter availed by banks were
significantly lower at US$ 3.0 billion as compared
to US$ 11.5 billion in Q1 of 2011-12 mainly due
to lower drawdown of their foreign currency assets
held abroad as well repayments of overseas
borrowings.
-
Net loans availed by non-Government and nonbanking
sectors (net ECBs) stood significantly
lower at US$ 1.0 billion as compared with US$ 3.1
billion in Q1 of 2011-12 probably reflecting
growing risk aversion in the wake of volatile exchange rates. Net inflows under short-term trade
credit, however, witnessed improvement and
stood at US$ 5.4 billion in Q1 of 2012-13 as
compared to US$ 3.1 billion in Q1 of 2011-12.
-
Similarly, there has been a marked increase in
inflows under currency and deposits of commercial
banks, i.e., NRI deposits to US$ 6.5 billion in Q1
of 2012-13 as compared to inflow of US$ 1.2 billion
during the same period previous year, inter alia,
reflecting the impact of deregulation of interest
rates on NRI rupee deposits.
-
‘Other receivables/payables’ that includes leads
and lags in exports, SDR allocation, net funds held
abroad, advances received pending issue of shares
under FDI and other capital not included
elsewhere recorded a lower net outflow of US$ 0.4
billion during April-June 2012 as compared with
a net outflow of US$ 6.8 billion in the preceding
year (Table 9). ‘Lead & lag in exports’ also include
trade credit extended by Indian exporters to non-residents.
Table 8: India’s Outward FDI |
(US$ billion) |
Period |
Equity* |
Loan |
Guarantees
Invoked |
Total |
Apr-Jun 2012-13 (P) |
1.0 |
1.2 |
0 |
2.2 |
(45.3) |
(54.7) |
(0) |
|
Apr-Jun 2011-12 (PR) |
1.3 |
1.7 |
0 |
3.0 |
(43.3) |
(56.7) |
(0) |
|
2011-12 |
5.3 |
5.8 |
0 |
11.1 |
(47.8) |
(52.2) |
(0) |
|
2010-2011 |
9.3 |
7.5 |
0.01 |
16.8 |
(55.1) |
(44.9) |
(0.1) |
|
P: Preliminary; PR: Partially Revised;
R: Revised.
*: The equity data do not include equity of individuals and banks
Note: Figures in brackets relate to percentage share in total outward FDI
for the period. |
Table 9: Details of ‘Other Receivables/Payables’ (Net) |
(US$ billion) |
Item |
Apr-Mar |
Apr-Jun |
2010-11
(PR) |
2011-12 |
2011-12 (PR) |
2012-13 (P) |
1 |
2 |
3 |
4 |
5 |
Lead and Lags in Exports |
-8.8 |
-10.4 |
-5.5 |
-1.3 |
Net Funds Held Abroad |
-5.4 |
-2.8 |
-0.7 |
-1.0 |
Advances Received Pending
Issue of Shares under FDI |
6.9 |
2.7 |
-0.03 |
1.8 |
SDR Allocation |
- |
- |
- |
- |
Other capital not included
elsewhere# |
-3.8 |
3.6 |
-0.8 |
0.03 |
Total (1 to 5) |
-11.1 |
-6.9 |
-7.0 |
-0.4 |
#: Inclusive of derivatives and hedging, migrant transfers and other
capital transfers.
P: Preliminary. PR: Partially Revised. R: Revised. -: Nil/NA. |
Reserve Variation
There was net accretion of foreign exchange
reserves to the extent of US$ 0.5 billion during April- June 2012 (Chart 5). In nominal terms (i.e., including
valuation changes), foreign exchange reserves declined
by US$ 4.7 billion during the quarter reflecting
appreciation of US$ against the major international
currencies. At the end of June 2012, the level of foreign
exchange reserves stood at US$ 289.7 billion.
Difference between DGCI&S and Balance of
Payments Imports
Table 10: DGCI&S and the BoP Import Data |
(US$ billion) |
Item |
April-Mar |
Apr-Jun |
2011-12 |
2011-12 |
2012-13 |
1 |
2 |
3 |
4 |
1. BoP Imports |
499.5 |
123.7 |
119.2 |
2. DGCI&S Imports |
489.4 |
122.6 |
115.3 |
3. Difference (1-2) |
10.1 |
1.1 |
3.9 |
Statement 1: Standard Presentation of BoP in India as per BPM6 (Contd.) |
(US$ million) |
Item |
Apr-Jun 2012 (P) |
Apr-Jun 2011 (PR) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
1 |
2 |
3 |
4 |
5 |
6 |
1 Current Account (1.A+1.B+1.C) |
130,701 |
147,081 |
-16,380 |
130,470 |
147,912 |
-17,442 |
1.A Goods and Services (1.A.a+1.A.b) |
111,089 |
139,388 |
-28,299 |
112,486 |
141,078 |
-28,591 |
1.A.a Goods (1.A.a.1 to 1.A.a.3) |
76,708 |
119,181 |
-42,473 |
78,764 |
123,651 |
-44,887 |
1.A.a.1 General merchandise on a BOP basis |
76,130 |
108,868 |
-32,738 |
78,642 |
107,546 |
-28,904 |
1.A.a.1.1 Re-exports |
– |
– |
– |
– |
– |
– |
1.A.a.2 Net exports of goods under merchanting |
578 |
1,207 |
-629 |
122 |
– |
122 |
1.A.a.2.1 Goods acquired under merchanting (negative credits) |
578 |
– |
578 |
332 |
– |
332 |
1.A.a.2.2 Goods sold under merchanting |
– |
1,207 |
-1,207 |
– |
211 |
-211 |
1.A.a.3 Non-monetary gold |
– |
9,106 |
-9,106 |
– |
16,105 |
-16,105 |
1.A.b Services (1.A.b.1 to 1.A.b.13) |
34,381 |
20,206 |
14,174 |
33,723 |
17,427 |
16,296 |
1.A.b.1 Manufacturing services on physical inputs owned by others |
9 |
5 |
4 |
– |
– |
– |
1.A.b.1.1 Goods for processing in reporting economy |
9 |
5 |
4 |
– |
– |
– |
1.A.b.1.2 Goods for processing abroad |
– |
– |
– |
– |
– |
– |
1.A.b.2 Maintenance and repair services n.i.e. |
23 |
92 |
-70 |
– |
– |
– |
1.A.b.3 Transport |
4,250 |
3,656 |
594 |
4,359 |
4,019 |
340 |
1.A.b.3.1 Sea transport |
2,893 |
2,527 |
366 |
1,873 |
2,570 |
-697 |
1.A.b.3.2 Air transport |
1,303 |
1,093 |
211 |
689 |
1,194 |
-505 |
1.A.b.3.3 Other modes of transport |
49 |
30 |
19 |
1,793 |
238 |
1,555 |
1.A.b.3.4 Postal and courier services |
4 |
6 |
-2 |
4 |
16 |
-13 |
1.A.b.4 Travel |
3,506 |
3,108 |
398 |
3,697 |
3,461 |
237 |
1.A.b.4.1 Business |
264 |
1,735 |
-1,471 |
– |
1,847 |
-1,847 |
1.A.b.4.2 Personal |
3,242 |
1,374 |
1,868 |
– |
1,613 |
-1,613 |
1.A.b.4.2.1 Health-related |
68 |
7 |
61 |
– |
10 |
-10 |
1.A.b.4.2.2 Education-related |
72 |
268 |
-196 |
– |
330 |
-330 |
1.A.b.4.2.3 Other |
3,102 |
1,098 |
2,003 |
– |
1,273 |
-1,273 |
1.A.b.5 Construction |
211 |
251 |
-40 |
253 |
207 |
46 |
1.A.b.5.1 Construction abroad |
194 |
165 |
29 |
253 |
120 |
133 |
1.A.b.5.2 Construction in the reporting economy |
17 |
86 |
-69 |
– |
87 |
-87 |
1.A.b.6 Insurance and pension services |
532 |
249 |
283 |
569 |
298 |
271 |
1.A.b.6.1 Direct insurance |
452 |
94 |
357 |
533 |
84 |
449 |
1.A.b.6.2 Reinsurance |
69 |
150 |
-81 |
28 |
196 |
-168 |
1.A.b.6.3 Auxiliary insurance services |
9 |
4 |
5 |
7 |
18 |
-11 |
1.A.b.6.4 Pension and standardized guarantee services |
2 |
1 |
– |
– |
– |
– |
1.A.b.7 Financial services |
1,306 |
1,436 |
-130 |
1,282 |
1,764 |
-482 |
1.A.b.7.1 Explicitly charged and other financial services |
1,243 |
1,217 |
26 |
1,282 |
1,764 |
-482 |
1.A.b.7.2 Financial intermediation services indirectly measured |
63 |
220 |
– |
– |
– |
– |
1.A.b.8 Charges for the use of intellectual property n.i.e. |
29 |
800 |
-771 |
40 |
606 |
-566 |
1.A.b.9 Telecommunications, computer, and information services |
16,294 |
826 |
15,469 |
15,336 |
895 |
14,442 |
1.A.b.9.1 Telecommunications services |
419 |
104 |
316 |
356 |
399 |
-42 |
1.A.b.9.2 Computer services |
15,843 |
632 |
15,210 |
14,950 |
302 |
14,647 |
1.A.b.9.3 Information services |
32 |
90 |
-57 |
30 |
194 |
-164 |
1.A.b.10 Other business services |
7,611 |
7,748 |
-137 |
5,448 |
5,703 |
-255 |
1.A.b.10.1 Research and development services |
243 |
71 |
172 |
161 |
48 |
113 |
1.A.b.10.2 Professional and management consulting services |
3,798 |
3,448 |
350 |
2,463 |
2,356 |
108 |
1.A.b.10.3 Technical, trade-related, and other business services |
3,569 |
4,229 |
-659 |
2,823 |
3,299 |
-476 |
1.A.b.11 Personal, cultural, and recreational services |
189 |
172 |
17 |
87 |
80 |
7 |
1.A.b.11.1 Audiovisual and related services |
55 |
54 |
1 |
33 |
27 |
7 |
1.A.b.11.2 Other personal, cultural, and recreational services |
134 |
118 |
16 |
53 |
53 |
1 |
1.A.b.12 Government goods and services n.i.e. |
159 |
163 |
-4 |
139 |
201 |
-62 |
1.A.b.13 Others n.i.e. |
262 |
1,699 |
-1,437 |
2,513 |
194 |
2,319 |
1.B Primary Income (1.B.1 to 1.B.3) |
2,135 |
7,040 |
-4,905 |
2,493 |
6,122 |
-3,629 |
1.B.1 Compensation of employees |
698 |
486 |
212 |
589 |
400 |
189 |
1.B.2 Investment income |
1,283 |
6,359 |
-5,076 |
1,904 |
5,722 |
-3,818 |
1.B.2.1 Direct investment |
352 |
2,643 |
-2,290 |
1,089 |
5,659 |
-4,570 |
1.B.2.1.1 Income on equity and investment fund shares |
351 |
2,629 |
-2,278 |
726 |
3,311 |
-2,585 |
1.B.2.1.2 Interest |
1 |
14 |
-12 |
364 |
2,348 |
-1,984 |
1.B.2.2 Portfolio investment |
12 |
1,024 |
-1,012 |
– |
– |
– |
1.B.2.3 Other investment |
82 |
2,691 |
-2,609 |
– |
56 |
-56 |
1.B.2.4 Reserve assets |
838 |
2 |
835 |
815 |
7 |
807 |
1.B.3 Other primary income |
153 |
194 |
-41 |
– |
– |
– |
1.C Secondary Income (1.C.1+1.C.2) |
17,478 |
653 |
16,825 |
15,491 |
712 |
14,779 |
1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs |
17,455 |
647 |
16,808 |
15,491 |
712 |
14,779 |
1.C.1.1 Personal transfers (Current transfers between resident and/ non-resident households) |
16,654 |
567 |
16,087 |
14,875 |
588 |
14,287 |
of which: |
|
|
|
|
|
|
1.C.1.1.1 Workers’ remittances |
8,549 |
567 |
7,983 |
7,372 |
588 |
6,784 |
1.C.1.2 Other current transfers |
801 |
80 |
721 |
616 |
124 |
492 |
1.C.2 General Government |
23 |
6 |
17 |
– |
– |
– |
2 Capital Account (2.1+2.2) |
94 |
274 |
-180 |
49 |
320 |
-271 |
2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets |
6 |
2 |
4 |
2 |
174 |
-172 |
2.2 Capital transfers |
88 |
272 |
-184 |
46 |
146 |
-99 |
2.2.1 General government |
14 |
186 |
-172 |
46 |
146 |
-99 |
2.2.1.1 Debt forgiveness |
– |
– |
– |
– |
– |
– |
2.2.1.2 Other capital transfers |
14 |
186 |
-172 |
46 |
146 |
-99 |
2.2.2 Financial corporations, non financial corporations, households, and NPISHs |
74 |
86 |
-12 |
– |
– |
– |
Statement 1: Standard Presentation of BoP in India as per BPM6 (Contd.) |
(US$ million) |
Item |
Apr-Jun 2012 (P) |
Apr-Jun 2011 (PR) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
1 |
2 |
3 |
4 |
5 |
6 |
3 Financial Account (3.1 to 3.5) |
111,466 |
95,009 |
16,457 |
128,681 |
110,028 |
18,653 |
3.1 Direct Investment (3.1A+3.1B) |
8,458 |
4,221 |
4,236 |
17,351 |
8,095 |
9,256 |
3.1.A Direct Investment in India |
7,595 |
1,390 |
6,204 |
16,947 |
4,559 |
12,388 |
3.1.1 Equity and investment fund shares |
7,180 |
1,033 |
6,147 |
15,496 |
4,226 |
11,270 |
3.1.1.1 Equity other than reinvestment of earnings |
4,896 |
1,033 |
3,863 |
13,445 |
4,226 |
9,219 |
3.1.1.1.1 Direct investor in direct investment enterprises |
4,896 |
1,033 |
3,863 |
13,445 |
4,226 |
9,219 |
3.1.1.1.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.1.1.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.1.2 Reinvestment of earnings |
2,284 |
– |
2,284 |
2,051 |
– |
2,051 |
3.1.2 Debt instruments |
415 |
358 |
57 |
1,451 |
333 |
1,118 |
3.1.2.1 Direct investor in direct investment enterprises |
415 |
358 |
57 |
1,451 |
333 |
1,118 |
3.1.2.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.2.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.B Direct Investment by India |
863 |
2,831 |
-1,968 |
404 |
3,536 |
-3,132 |
3.1.1 Equity and investment fund shares |
863 |
1,606 |
-743 |
404 |
1,851 |
-1,447 |
3.1.1.1 Equity other than reinvestment of earnings |
863 |
1,309 |
-446 |
404 |
1,549 |
-1,145 |
3.1.1.1.1 Direct investor in direct investment enterprises |
863 |
1,309 |
-446 |
404 |
1,549 |
-1,145 |
3.1.1.1.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.1.1.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.1.2 Reinvestment of earnings |
– |
297 |
-297 |
– |
302 |
-302 |
3.1.2 Debt instruments |
– |
1,225 |
-1,225 |
– |
1,685 |
-1,685 |
3.1.2.1 Direct investor in direct investment enterprises |
– |
1,225 |
-1,225 |
– |
1,685 |
-1,685 |
3.1.2.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.2.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.2 Portfolio Investment |
35,319 |
37,335 |
-2,016 |
48,423 |
46,159 |
2,263 |
3.2A Portfolio Investment in India |
35,081 |
36,787 |
-1,706 |
48,329 |
45,857 |
2,472 |
3.2.1 Equity and investment fund shares |
25,961 |
27,522 |
-1,561 |
33,358 |
31,644 |
1,714 |
3.2.2 Debt securities |
9,120 |
9,265 |
-145 |
14,970 |
14,213 |
757 |
3.2.B Portfolio Investment by India |
238 |
548 |
-310 |
94 |
303 |
-208 |
3.3 Financial derivatives (other than reserves) and employee stock options |
582 |
1,065 |
-484 |
– |
– |
– |
3.4 Other investment |
67,101 |
51,846 |
15,256 |
62,907 |
50,331 |
12,576 |
3.4.1 Other equity (ADRs/GDRs) |
94 |
– |
94 |
278 |
– |
278 |
3.4.2 Currency and deposits |
19,364 |
12,896 |
6,468 |
12,520 |
11,364 |
1,155 |
3.4.2.1 Central bank (Rupee Debt Movements; NRG) |
26 |
109 |
-83 |
31 |
27 |
5 |
3.4.2.2 Deposit-taking corporations, except the central bank
(NRI Deposits) |
19,338 |
12,787 |
6,551 |
12,488 |
11,337 |
1,151 |
3.4.2.3 General government |
– |
– |
– |
– |
– |
– |
3.4.2.4 Other sectors |
– |
– |
– |
– |
– |
– |
3.4.3 Loans (External Assistance, ECBs and Banking Capital) |
14,839 |
11,083 |
3,756 |
24,274 |
9,364 |
14,910 |
3.4.3A Loans to India |
13,757 |
10,069 |
3,688 |
23,918 |
8,989 |
14,929 |
3.4.3.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.3.2 Deposit-taking corporations, except the central bank |
8,007 |
5,041 |
2,966 |
16,248 |
4,739 |
11,509 |
3.4.3.3 General government (External Assistance) |
537 |
657 |
-120 |
1,219 |
831 |
388 |
3.4.3.4 Other sectors (External Commercial Borrowings) |
5,214 |
4,371 |
843 |
6,451 |
3,419 |
3,031 |
3.4.3B Loans by India |
1,082 |
1,014 |
68 |
357 |
375 |
-19 |
3.4.3.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.3.2 Deposit-taking corporations, except the central bank |
– |
– |
– |
– |
– |
– |
3.4.3.3 General government |
14 |
78 |
-64 |
17 |
57 |
-39 |
3.4.3.4 Other sectors |
1,068 |
936 |
132 |
339 |
319 |
21 |
3.4.4 Insurance, pension, and standardized guarantee schemes |
6 |
20 |
-14 |
– |
– |
– |
3.4.5 Trade credit and advances |
30,208 |
24,831 |
5,378 |
24,165 |
21,096 |
3,069 |
3.4.5.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.5.2 General government |
– |
– |
– |
– |
– |
– |
3.4.5.3 Deposit-taking corporations |
– |
– |
– |
– |
– |
– |
3.4.5.4 Other sectors |
30,208 |
24,831 |
5,378 |
24,165 |
21,096 |
3,069 |
3.4.6 Other accounts receivable/payable – other |
2,595 |
3,036 |
-441 |
1,670 |
8,506 |
-6,836 |
3.4.7 Special drawing rights |
– |
– |
– |
– |
– |
– |
3.5 Reserve assets |
– |
521 |
-521 |
– |
5,442 |
-5,442 |
3.5.1 Monetary gold |
– |
– |
– |
– |
– |
– |
3.5.2 Special drawing rights n.a. |
– |
– |
– |
– |
– |
– |
3.5.3 Reserve position in the IMF n.a. |
– |
– |
– |
– |
– |
– |
3.5.4 Other reserve assets (Foreign Currency Assets) |
– |
521 |
-521 |
– |
5,442 |
-5,442 |
3.5.4.1 Currency,deposits and securities |
– |
521 |
-521 |
– |
5,442 |
-5,442 |
3.5.4.2 Financial derivatives |
– |
– |
– |
– |
– |
– |
3.5.4.3 Other claims |
– |
– |
– |
– |
– |
– |
3
Total assets/liabilities |
111,466 |
95,009 |
16,457 |
128,681 |
110,028 |
18,653 |
Of which: (by instrument): |
|
|
|
|
|
|
3.0.1 Equity and investment fund shares |
34,830 |
31,794 |
3,035 |
49,353 |
38,023 |
11,329 |
3.0.2 Debt instruments |
73,947 |
59,657 |
14,290 |
77,380 |
58,056 |
19,324 |
3.0.3 Other financial assets and liabilities |
2,690 |
3,557 |
-868 |
1,948 |
13,949 |
-12,001 |
4 Net errors and omissions |
102 |
– |
102 |
– |
939 |
-939 |
P: Preliminary; PR: Partially Revised.
Note: 1. The comparable figures in new and old formats may not entirely agree due to rounding off.
2. Total of subcomponents may not tally with aggregates due to rounding off. |
Statement 1: Standard Presentation of BoP in India as per BPM6 (Contd.) |
(US$ million) |
Item |
Jul-Sep 2011 (PR) |
Oct-Dec 2011 (PR) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
7 |
8 |
9 |
10 |
11 |
12 |
1 Current Account (1.A+1.B+1.C) |
131,199 |
150,075 |
-18,876 |
127,674 |
147,830 |
-20,156 |
1.A Goods and Services (1.A.a+1.A.b) |
111,871 |
142,407 |
-30,536 |
108,711 |
141,248 |
-32,536 |
1.A.a Goods (1.A.a.1 to 1.A.a.3) |
79,577 |
124,088 |
-44,511 |
71,459 |
120,104 |
-48,645 |
1.A.a.1 General merchandise on a BOP basis |
79,560 |
111,206 |
-31,646 |
71,400 |
107,373 |
-35,973 |
1.A.a.1.1 Re-exports |
– |
– |
– |
– |
– |
– |
1.A.a.2 Net exports of goods under merchanting |
17 |
– |
17 |
59 |
– |
59 |
1.A.a.2.1 Goods acquired under merchanting (negative credits) |
348 |
– |
348 |
300 |
– |
300 |
1.A.a.2.2 Goods sold under merchanting |
– |
331 |
-331 |
– |
241 |
-241 |
1.A.a.3 Non-monetary gold |
– |
12,882 |
-12,882 |
– |
12,731 |
-12,731 |
1.A.b Services (1.A.b.1 to 1.A.b.13) |
32,295 |
18,320 |
13,975 |
37,252 |
21,144 |
16,108 |
1.A.b.1 Manufacturing services on physical inputs owned by others |
– |
– |
– |
– |
– |
– |
1.A.b.1.1 Goods for processing in reporting economy |
– |
– |
– |
– |
– |
– |
1.A.b.1.2 Goods for processing abroad |
– |
– |
– |
– |
– |
– |
1.A.b.2 Maintenance and repair services n.i.e. |
– |
– |
– |
– |
– |
– |
1.A.b.3 Transport |
4,503 |
3,651 |
852 |
4,709 |
4,451 |
257 |
1.A.b.3.1 Sea transport |
1,656 |
2,277 |
-620 |
1,324 |
2,229 |
-905 |
1.A.b.3.2 Air transport |
888 |
1,029 |
-142 |
823 |
841 |
-18 |
1.A.b.3.3 Other modes of transport |
1,955 |
318 |
1,637 |
2,558 |
1,374 |
1,184 |
1.A.b.3.4 Postal and courier services |
4 |
27 |
-24 |
4 |
7 |
-3 |
1.A.b.4 Travel |
4,235 |
3,534 |
701 |
5,068 |
3,530 |
1,538 |
1.A.b.4.1 Business |
– |
1,649 |
-1,649 |
– |
1,714 |
-1,714 |
1.A.b.4.2 Personal |
– |
1,885 |
-1,885 |
– |
1,816 |
-1,816 |
1.A.b.4.2.1 Health-related |
– |
11 |
-11 |
– |
6 |
-6 |
1.A.b.4.2.2 Education-related |
– |
631 |
-631 |
– |
396 |
-396 |
1.A.b.4.2.3 Other |
– |
1,242 |
-1,242 |
– |
1,415 |
-1,415 |
1.A.b.5 Construction |
128 |
315 |
-187 |
204 |
155 |
49 |
1.A.b.5.1 Construction abroad |
128 |
173 |
-45 |
204 |
72 |
132 |
1.A.b.5.2 Construction in the reporting economy |
– |
142 |
-142 |
– |
83 |
-83 |
1.A.b.6 Insurance and pension services |
629 |
423 |
206 |
799 |
440 |
359 |
1.A.b.6.1 Direct insurance |
581 |
162 |
419 |
743 |
190 |
552 |
1.A.b.6.2 Reinsurance |
30 |
226 |
-196 |
45 |
243 |
-198 |
1.A.b.6.3 Auxiliary insurance services |
18 |
34 |
-17 |
11 |
6 |
5 |
1.A.b.6.4 Pension and standardized guarantee services |
– |
– |
– |
– |
– |
– |
1.A.b.7 Financial services |
1,577 |
2,130 |
-553 |
1,613 |
2,189 |
-577 |
1.A.b.7.1 Explicitly charged and other financial services |
1,577 |
2,130 |
-553 |
1,613 |
2,189 |
-577 |
1.A.b.7.2 Financial intermediation services indirectly measured |
– |
– |
– |
– |
– |
– |
1.A.b.8 Charges for the use of intellectual property n.i.e. |
78 |
693 |
-615 |
78 |
919 |
-841 |
1.A.b.9 Telecommunications, computer, and information services |
14,417 |
676 |
13,741 |
16,605 |
764 |
15,842 |
1.A.b.9.1 Telecommunications services |
455 |
282 |
173 |
452 |
334 |
118 |
1.A.b.9.2 Computer services |
13,940 |
307 |
13,633 |
16,123 |
317 |
15,806 |
1.A.b.9.3 Information services |
21 |
87 |
-65 |
31 |
112 |
-82 |
1.A.b.10 Other business services |
5,772 |
6,020 |
-248 |
6,506 |
6,708 |
-203 |
1.A.b.10.1 Research and development services |
187 |
26 |
161 |
207 |
91 |
116 |
1.A.b.10.2 Professional and management consulting services |
2,589 |
2,758 |
-170 |
2,725 |
3,348 |
-623 |
1.A.b.10.3 Technical, trade-related, and other business services |
2,997 |
3,236 |
-239 |
3,574 |
3,270 |
304 |
1.A.b.11 Personal, cultural, and recreational services |
121 |
79 |
42 |
67 |
48 |
20 |
1.A.b.11.1 Audiovisual and related services |
27 |
22 |
5 |
41 |
17 |
24 |
1.A.b.11.2 Other personal, cultural, and recreational services |
93 |
56 |
37 |
26 |
31 |
-5 |
1.A.b.12 Government goods and services n.i.e. |
147 |
179 |
-32 |
145 |
186 |
-40 |
1.A.b.13 Others n.i.e. |
689 |
619 |
70 |
1,458 |
1,754 |
-296 |
1.B Primary Income (1.B.1 to 1.B.3) |
3,088 |
7,045 |
-3,958 |
2,290 |
6,118 |
-3,827 |
1.B.1 Compensation of employees |
711 |
467 |
244 |
583 |
551 |
32 |
1.B.2 Investment income |
2,377 |
6,578 |
-4,201 |
1,707 |
5,566 |
-3,859 |
1.B.2.1 Direct investment |
1,062 |
6,520 |
-5,459 |
707 |
5,481 |
-4,774 |
1.B.2.1.1 Income on equity and investment fund shares |
745 |
4,207 |
-3,462 |
506 |
2,877 |
-2,372 |
1.B.2.1.2 Interest |
317 |
2,313 |
-1,996 |
201 |
2,604 |
-2,402 |
1.B.2.2 Portfolio investment |
– |
– |
– |
– |
– |
– |
1.B.2.3 Other investment |
– |
54 |
-54 |
– |
80 |
-80 |
1.B.2.4 Reserve assets |
1,315 |
4 |
1,311 |
1,000 |
5 |
995 |
1.B.3 Other primary income |
– |
– |
– |
– |
– |
– |
1.C Secondary Income (1.C.1+1.C.2) |
16,240 |
622 |
15,618 |
16,673 |
465 |
16,208 |
1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs |
16,240 |
622 |
15,618 |
16,673 |
465 |
16,208 |
1.C.1.1 Personal transfers (Current transfers between resident and/ non-resident households) |
15,648 |
530 |
15,119 |
16,018 |
396 |
15,622 |
of which: |
|
|
|
|
|
|
1.C.1.1.1 Workers’ remittances |
7,718 |
530 |
7,188 |
7,912 |
396 |
7,516 |
1.C.1.2 Other current transfers |
592 |
93 |
499 |
655 |
69 |
586 |
1.C.2 General Government |
– |
– |
– |
– |
– |
– |
2 Capital Account (2.1+2.2) |
407 |
163 |
244 |
352 |
232 |
120 |
2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced non financial assets |
271 |
11 |
260 |
– |
83 |
-83 |
2.2 Capital transfers |
136 |
152 |
-16 |
351 |
149 |
202 |
2.2.1 General government |
136 |
152 |
-16 |
351 |
149 |
202 |
2.2.1.1 Debt forgiveness |
– |
– |
– |
– |
– |
– |
2.2.1.2 Other capital transfers |
136 |
152 |
-16 |
351 |
149 |
202 |
2.2.2 Financial corporations, nonfinancial corporations, households, and NPISHs |
– |
– |
– |
– |
– |
– |
Statement 1: Standard Presentation of BoP in India as per BPM6 (Contd.) |
(US$ million) |
Item |
Jul-Sep 2011 (PR) |
Oct-Dec 2011 (PR) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
7 |
8 |
9 |
10 |
11 |
12 |
3 Financial Account (3.1 to 3.5) |
117,432 |
98,402 |
19,030 |
119,436 |
98,860 |
20,575 |
3.1 Direct Investment (3.1A+3.1B) |
11,981 |
5,496 |
6,485 |
10,434 |
5,470 |
4,963 |
3.1.A Direct Investment in India |
11,615 |
2,137 |
9,478 |
9,432 |
2,559 |
6,873 |
3.1.1 Equity and investment fund shares |
11,212 |
2,015 |
9,197 |
9,200 |
2,515 |
6,685 |
3.1.1.1 Equity other than reinvestment of earnings |
9,161 |
2,015 |
7,145 |
7,149 |
2,515 |
4,634 |
3.1.1.1.1 Direct investor in direct investment enterprises |
9,161 |
2,015 |
7,145 |
7,149 |
2,515 |
4,634 |
3.1.1.1.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.1.1.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.1.2 Reinvestment of earnings |
2,051 |
– |
2,051 |
2,051 |
– |
2,051 |
3.1.2 Debt instruments |
403 |
122 |
282 |
232 |
44 |
188 |
3.1.2.1 Direct investor in direct investment enterprises |
403 |
122 |
282 |
232 |
44 |
188 |
3.1.2.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.2.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.B Direct Investment by India |
366 |
3,359 |
-2,993 |
1,001 |
2,911 |
-1,910 |
3.1.1 Equity and investment fund shares |
366 |
1,933 |
-1,567 |
1,001 |
1,687 |
-686 |
3.1.1.1 Equity other than reinvestment of earnings |
366 |
1,631 |
-1,265 |
1,001 |
1,385 |
-384 |
3.1.1.1.1 Direct investor in direct investment enterprises |
366 |
1,631 |
-1,265 |
1,001 |
1,385 |
-384 |
3.1.1.1.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.1.1.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.1.2 Reinvestment of earnings |
– |
302 |
-302 |
– |
302 |
-302 |
3.1.2 Debt instruments |
– |
1,426 |
-1,426 |
– |
1,223 |
-1,223 |
3.1.2.1 Direct investor in direct investment enterprises |
– |
1,426 |
-1,426 |
– |
1,223 |
-1,223 |
3.1.2.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.2.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.2 Portfolio Investment |
43,022 |
44,422 |
-1,401 |
39,266 |
37,452 |
1,814 |
3.2A Portfolio Investment in India |
42,564 |
44,152 |
-1,589 |
39,065 |
37,204 |
1,861 |
3.2.1 Equity and investment fund shares |
30,233 |
32,345 |
-2,112 |
23,325 |
25,055 |
-1,731 |
3.2.2 Debt securities |
12,331 |
11,807 |
524 |
15,740 |
12,148 |
3,592 |
3.2.B Portfolio Investment by India |
458 |
270 |
188 |
201 |
248 |
-47 |
3.3 Financial derivatives (other than reserves) and employee stock options |
– |
– |
– |
– |
– |
– |
3.4 Other investment |
62,429 |
48,207 |
14,222 |
56,924 |
55,938 |
985 |
3.4.1 Other equity (ADRs/GDRs) |
205 |
– |
205 |
84 |
– |
84 |
3.4.2 Currency and deposits |
15,433 |
12,302 |
3,130 |
15,701 |
12,502 |
3,199 |
3.4.2.1 Central bank (Rupee Debt Movements; NRG) |
344 |
– |
344 |
3 |
127 |
-124 |
3.4.2.2 Deposit-taking corporations, except the central bank
(NRI Deposits) |
15,088 |
12,302 |
2,786 |
15,698 |
12,375 |
3,323 |
3.4.2.3 General government |
– |
– |
– |
– |
– |
– |
3.4.2.4 Other sectors |
– |
– |
– |
– |
– |
– |
3.4.3 Loans (External Assistance, ECBs and Banking Capital) |
15,922 |
6,376 |
9,546 |
10,480 |
18,139 |
-7,659 |
3.4.3A Loans to India |
14,786 |
5,850 |
8,936 |
9,058 |
17,181 |
-8,124 |
3.4.3.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.3.2 Deposit-taking corporations, except the central bank |
5,056 |
1,137 |
3,919 |
445 |
9,130 |
-8,685 |
3.4.3.3 General government (External Assistance) |
1,063 |
734 |
330 |
2,191 |
800 |
1,392 |
3.4.3.4 Other sectors (External Commercial Borrowings) |
8,667 |
3,980 |
4,687 |
6,422 |
7,252 |
-830 |
3.4.3B Loans by India |
1,136 |
526 |
610 |
1,422 |
958 |
464 |
3.4.3.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.3.2 Deposit-taking corporations, except the central bank |
– |
– |
– |
– |
– |
– |
3.4.3.3 General government |
17 |
57 |
-39 |
17 |
57 |
-39 |
3.4.3.4 Other sectors |
1,118 |
469 |
649 |
1,405 |
901 |
504 |
3.4.4 Insurance, pension, and standardized guarantee schemes |
– |
– |
– |
– |
– |
– |
3.4.5 Trade credit and advances |
26,405 |
23,534 |
2,871 |
25,148 |
24,572 |
576 |
3.4.5.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.5.2 General government |
– |
– |
– |
– |
– |
– |
3.4.5.3 Deposit-taking corporations |
– |
– |
– |
– |
– |
– |
3.4.5.4 Other sectors |
26,405 |
23,534 |
2,871 |
25,148 |
24,572 |
576 |
3.4.6 Other accounts receivable/payable – other |
4,466 |
5,996 |
-1,530 |
5,511 |
725 |
4,786 |
3.4.7 Special drawing rights |
– |
– |
– |
– |
– |
– |
3.5 Reserve assets |
– |
276 |
-276 |
12,812 |
– |
12,812 |
3.5.1 Monetary gold |
– |
– |
– |
– |
– |
– |
3.5.2 Special drawing rights n.a. |
– |
– |
– |
– |
– |
– |
3.5.3 Reserve position in the IMF n.a. |
– |
– |
– |
– |
– |
– |
3.5.4 Other reserve assets (Foreign Currency Assets) |
– |
276 |
-276 |
12,812 |
– |
12,812 |
3.5.4.1 Currency,deposits and securities |
– |
276 |
-276 |
12,812 |
– |
12,812 |
3.5.4.2 Financial derivatives |
– |
– |
– |
– |
– |
– |
3.5.4.3 Other claims |
– |
– |
– |
– |
– |
– |
3 Total assets/liabilities |
117,432 |
98,402 |
19,030 |
119,436 |
98,860 |
20,575 |
Of which: (by instrument): |
|
|
|
|
|
|
3.0.1 Equity and investment fund shares |
42,269 |
36,564 |
5,705 |
33,727 |
29,506 |
4,221 |
3.0.2 Debt instruments |
70,492 |
55,566 |
14,926 |
67,301 |
68,630 |
-1,328 |
3.0.3 Other financial assets and liabilities |
4,671 |
6,272 |
-1,601 |
18,407 |
725 |
17,682 |
4 Net errors and omissions |
– |
399 |
-399 |
– |
538 |
-538 |
Statement 1: Standard Presentation of BoP in India as per BPM6 (Concld.) |
(US$ million) |
Item |
Jan-Mar 2012 P |
Apr-Mar 2011-12 (P) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
13 |
14 |
15 |
16 |
17 |
18 |
1Current Account (1.A+1.B+1.C) |
137,706 |
159,412 |
-21,706 |
527,050 |
605,230 |
-78,180 |
1.A Goods and Services (1.A.a+1.A.b) |
117,708 |
151,706 |
-33,998 |
450,777 |
576,439 |
-125,662 |
1.A.a Goods (1.A.a.1 to 1.A.a.3) |
80,043 |
131,690 |
-51,647 |
309,843 |
499,533 |
-189,690 |
1.A.a.1 General merchandise on a BOP basis |
80,172 |
115,536 |
-35,364 |
309,774 |
441,660 |
-131,886 |
1.A.a.1.1 Re-exports |
– |
– |
– |
– |
– |
– |
1.A.a.2 Net exports of goods under merchanting |
-129 |
– |
-129 |
69 |
– |
69 |
1.A.a.2.1 Goods acquired under merchanting (negative credits) |
410 |
– |
410 |
1,390 |
– |
1,390 |
1.A.a.2.2 Goods sold under merchanting |
– |
538 |
-538 |
– |
1,321 |
-1,321 |
1.A.a.3 Non-monetary gold |
– |
16,155 |
-16,155 |
– |
57,872 |
-57,872 |
1.A.b Services (1.A.b.1 to 1.A.b.13) |
37,665 |
20,016 |
17,650 |
140,935 |
76,906 |
64,029 |
1.A.b.1 Manufacturing services on physical inputs owned by others |
– |
– |
– |
– |
– |
– |
1.A.b.1.1 Goods for processing in reporting economy |
– |
– |
– |
– |
– |
– |
1.A.b.1.2 Goods for processing abroad |
– |
– |
– |
– |
– |
– |
1.A.b.2 Maintenance and repair services n.i.e. |
– |
– |
– |
– |
– |
– |
1.A.b.3 Transport |
4,686 |
4,333 |
353 |
18,257 |
16,454 |
1,802 |
1.A.b.3.1 Sea transport |
1,267 |
2,746 |
-1,479 |
6,120 |
9,822 |
-3,702 |
1.A.b.3.2 Air transport |
1,082 |
1,230 |
-148 |
3,481 |
4,295 |
-813 |
1.A.b.3.3 Other modes of transport |
2,333 |
335 |
1,998 |
8,639 |
2,265 |
6,374 |
1.A.b.3.4 Postal and courier services |
5 |
22 |
-17 |
16 |
73 |
-56 |
1.A.b.4 Travel |
5,462 |
3,238 |
2,224 |
18,462 |
13,762 |
4,699 |
1.A.b.4.1 Business |
– |
1,879 |
-1,879 |
– |
7,090 |
-7,090 |
1.A.b.4.2 Personal |
– |
1,358 |
-1,358 |
– |
6,673 |
-6,673 |
1.A.b.4.2.1 Health-related |
– |
7 |
-7 |
– |
34 |
-34 |
1.A.b.4.2.2 Education-related |
– |
436 |
-436 |
– |
1,793 |
-1,793 |
1.A.b.4.2.3 Other |
– |
916 |
-916 |
– |
4,846 |
-4,846 |
1.A.b.5 Construction |
219 |
329 |
-110 |
804 |
1,006 |
-202 |
1.A.b.5.1 Construction abroad |
219 |
216 |
3 |
804 |
581 |
223 |
1.A.b.5.2 Construction in the reporting economy |
– |
113 |
-113 |
– |
425 |
-425 |
1.A.b.6 Insurance and pension services |
635 |
337 |
298 |
2,632 |
1,497 |
1,134 |
1.A.b.6.1 Direct insurance |
608 |
158 |
450 |
2,464 |
594 |
1,870 |
1.A.b.6.2 Reinsurance |
20 |
163 |
-144 |
124 |
829 |
-705 |
1.A.b.6.3 Auxiliary insurance services |
8 |
16 |
-8 |
43 |
74 |
-30 |
1.A.b.6.4 Pension and standardized guarantee services |
– |
– |
– |
– |
– |
– |
1.A.b.7 Financial services |
1,495 |
1,902 |
-406 |
5,967 |
7,984 |
-2,018 |
1.A.b.7.1 Explicitly charged and other financial services |
1,495 |
1,902 |
-406 |
5,967 |
7,984 |
-2,018 |
1.A.b.7.2 Financial intermediation services indirectly measured |
– |
– |
– |
– |
– |
– |
1.A.b.8 Charges for the use of intellectual property n.i.e. |
85 |
990 |
-905 |
281 |
3,207 |
-2,927 |
1.A.b.9 Telecommunications, computer, and information services |
17,614 |
923 |
16,691 |
63,972 |
3,258 |
60,714 |
1.A.b.9.1 Telecommunications services |
390 |
469 |
-79 |
1,654 |
1,485 |
169 |
1.A.b.9.2 Computer services |
17,199 |
329 |
16,870 |
62,212 |
1,256 |
60,957 |
1.A.b.9.3 Information services |
24 |
124 |
-101 |
106 |
517 |
-411 |
1.A.b.10 Other business services |
6,832 |
7,035 |
-203 |
24,557 |
25,467 |
-910 |
1.A.b.10.1 Research and development services |
238 |
58 |
180 |
793 |
222 |
571 |
1.A.b.10.2 Professional and management consulting services |
3,362 |
2,783 |
579 |
11,139 |
11,245 |
-106 |
1.A.b.10.3 Technical, trade-related, and other business services |
3,231 |
4,194 |
-963 |
12,625 |
13,999 |
-1,374 |
1.A.b.11 Personal, cultural, and recreational services |
118 |
69 |
49 |
393 |
275 |
118 |
1.A.b.11.1 Audiovisual and related services |
96 |
25 |
71 |
198 |
91 |
107 |
1.A.b.11.2 Other personal, cultural, and recreational services |
22 |
44 |
-22 |
195 |
184 |
11 |
1.A.b.12 Government goods and services n.i.e. |
47 |
214 |
-166 |
478 |
779 |
-301 |
1.A.b.13 Others n.i.e. |
473 |
647 |
-174 |
5,133 |
3,214 |
1,919 |
1.B Primary Income (1.B.1 to 1.B.3) |
2,273 |
6,845 |
-4,572 |
10,144 |
26,131 |
-15,987 |
1.B.1 Compensation of employees |
585 |
572 |
13 |
2,468 |
1,991 |
477 |
1.B.2 Investment income |
1,688 |
6,273 |
-4,585 |
7,676 |
24,140 |
-16,464 |
1.B.2.1 Direct investment |
727 |
6,224 |
-5,496 |
3,586 |
23,884 |
-20,298 |
1.B.2.1.1 Income on equity and investment fund shares |
607 |
3,073 |
-2,466 |
2,583 |
13,469 |
-10,886 |
1.B.2.1.2 Interest |
121 |
3,150 |
-3,030 |
1,003 |
10,416 |
-9,413 |
1.B.2.2 Portfolio investment |
– |
– |
– |
– |
– |
– |
1.B.2.3 Other investment |
– |
44 |
-44 |
– |
233 |
-233 |
1.B.2.4 Reserve assets |
960 |
6 |
955 |
4,090 |
22 |
4,068 |
1.B.3 Other primary income |
– |
– |
– |
– |
– |
– |
1.C Secondary Income (1.C.1+1.C.2) |
17,725 |
861 |
16,864 |
66,129 |
2,660 |
63,469 |
1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs |
17,725 |
861 |
16,864 |
66,129 |
2,660 |
63,469 |
1.C.1.1 Personal transfers (Current transfers between resident and/ non-resident households) |
17,192 |
756 |
16,437 |
63,734 |
2,270 |
61,464 |
of which: |
|
|
|
|
|
|
1.C.1.1.1 Workers’ remittances |
8,260 |
756 |
7,505 |
31,263 |
2,270 |
28,993 |
1.C.1.2 Other current transfers |
533 |
105 |
428 |
2,395 |
390 |
2,005 |
1.C.2 General Government |
– |
– |
– |
– |
– |
– |
2 Capital Account (2.1+2.2) |
99 |
252 |
-153 |
907 |
968 |
-61 |
2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets |
1 |
92 |
-91 |
275 |
361 |
-86 |
2.2 Capital transfers |
99 |
160 |
-62 |
632 |
607 |
25 |
2.2.1 General government |
99 |
160 |
-62 |
632 |
607 |
25 |
2.2.1.1 Debt forgiveness |
– |
– |
– |
– |
– |
– |
2.2.1.2 Other capital transfers |
99 |
160 |
-62 |
632 |
607 |
25 |
2.2.2 Financial corporations, nonfinancial corporations, households, and NPISHs |
– |
– |
– |
– |
– |
– |
Statement 1: Standard Presentation of BoP in India as per BPM6 (Concld.) |
(US$ million) |
Item |
Jan-Mar 2012 P |
Apr-Mar 2011-12 (P) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
13 |
14 |
15 |
16 |
17 |
18 |
3 Financial Account (3.1 to 3.5) |
131,534 |
109,120 |
22,415 |
497,083 |
416,410 |
80,673 |
3.1 Direct Investment (3.1A+3.1B) |
9,241 |
7,885 |
1,356 |
49,007 |
26,947 |
22,061 |
3.1.A Direct Investment in India |
8,557 |
4,343 |
4,214 |
46,552 |
13,599 |
32,952 |
3.1.1 Equity and investment fund shares |
8,149 |
4,262 |
3,887 |
44,057 |
13,019 |
31,038 |
3.1.1.1 Equity other than reinvestment of earnings |
6,098 |
4,262 |
1,836 |
35,852 |
13,019 |
22,833 |
3.1.1.1.1 Direct investor in direct investment enterprises |
6,098 |
4,262 |
1,836 |
35,852 |
13,019 |
22,833 |
3.1.1.1.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.1.1.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.1.2 Reinvestment of earnings |
2,051 |
– |
2,051 |
8,205 |
– |
8,205 |
3.1.2 Debt instruments |
408 |
81 |
327 |
2,494 |
580 |
1,914 |
3.1.2.1 Direct investor in direct investment enterprises |
408 |
81 |
327 |
2,494 |
580 |
1,914 |
3.1.2.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.2.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.B Direct Investment by India |
684 |
3,541 |
-2,857 |
2,456 |
13,348 |
-10,892 |
3.1.1 Equity and investment fund shares |
684 |
2,067 |
-1,383 |
2,456 |
7,538 |
-5,082 |
3.1.1.1 Equity other than reinvestment of earnings |
684 |
1,765 |
-1,081 |
2,456 |
6,330 |
-3,874 |
3.1.1.1.1 Direct investor in direct investment enterprises |
684 |
1,765 |
-1,081 |
2,456 |
6,330 |
-3,874 |
3.1.1.1.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.1.1.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.1.1.2 Reinvestment of earnings |
– |
302 |
-302 |
– |
1,208 |
-1,208 |
3.1.2 Debt instruments |
– |
1,474 |
-1,474 |
– |
5,809 |
-5,809 |
3.1.2.1 Direct investor in direct investment enterprises |
– |
1,474 |
-1,474 |
– |
5,809 |
-5,809 |
3.1.2.2 Direct investment enterprises in direct investor
(reverse investment) |
– |
– |
– |
– |
– |
– |
3.1.2.3 Between fellow enterprises |
– |
– |
– |
– |
– |
– |
3.2 Portfolio Investment |
54,303 |
40,407 |
13,896 |
185,013 |
168,440 |
16,573 |
3.2A Portfolio Investment in India |
54,193 |
40,125 |
14,068 |
184,150 |
167,338 |
16,812 |
3.2.1 Equity and investment fund shares |
35,425 |
26,244 |
9,181 |
122,341 |
115,288 |
7,052 |
3.2.2 Debt securities |
18,768 |
13,881 |
4,887 |
61,809 |
52,049 |
9,760 |
3.2.B Portfolio Investment by India |
110 |
282 |
-172 |
863 |
1,102 |
-239 |
3.3 Financial derivatives (other than reserves) and employee stock options |
– |
– |
– |
– |
– |
– |
3.4 Other investment |
62,253 |
60,828 |
1,425 |
244,512 |
215,304 |
29,208 |
3.4.1 Other equity (ADRs/GDRs) |
30 |
– |
30 |
597 |
– |
597 |
3.4.2 Currency and deposits |
21,061 |
16,450 |
4,611 |
64,714 |
52,619 |
12,095 |
3.4.2.1 Central bank (Rupee Debt Movements; NRG) |
48 |
95 |
-47 |
426 |
249 |
177 |
3.4.2.2 Deposit-taking corporations, except the central bank
(NRI Deposits) |
21,013 |
16,355 |
4,658 |
64,287 |
52,370 |
11,918 |
3.4.2.3 General government |
– |
– |
– |
– |
– |
– |
3.4.2.4 Other sectors |
– |
– |
– |
– |
– |
– |
3.4.3 Loans (External Assistance, ECBs and Banking Capital) |
12,750 |
12,777 |
-26 |
63,427 |
46,656 |
16,770 |
3.4.3A Loans to India |
11,927 |
11,945 |
-18 |
59,688 |
43,965 |
15,723 |
3.4.3.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.3.2 Deposit-taking corporations, except the central bank |
3,442 |
6,053 |
-2,612 |
25,190 |
21,059 |
4,131 |
3.4.3.3 General government (External Assistance) |
1,103 |
760 |
342 |
5,576 |
3,124 |
2,452 |
3.4.3.4 Other sectors (External Commercial Borrowings) |
7,382 |
5,131 |
2,251 |
28,922 |
19,782 |
9,140 |
3.4.3B Loans by India |
824 |
832 |
-8 |
3,739 |
2,691 |
1,048 |
3.4.3.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.3.2 Deposit-taking corporations, except the central bank |
– |
– |
– |
– |
– |
– |
3.4.3.3 General government |
17 |
57 |
-39 |
70 |
226 |
-157 |
3.4.3.4 Other sectors |
807 |
776 |
31 |
3,669 |
2,465 |
1,204 |
3.4.4 Insurance, pension, and standardized guarantee schemes |
– |
– |
– |
– |
– |
– |
3.4.5 Trade credit and advances |
27,037 |
26,885 |
152 |
102,754 |
96,087 |
6,668 |
3.4.5.1 Central bank |
– |
– |
– |
– |
– |
– |
3.4.5.2 General government |
– |
– |
– |
– |
– |
– |
3.4.5.3 Deposit-taking corporations |
– |
– |
– |
– |
– |
– |
3.4.5.4 Other sectors |
27,037 |
26,885 |
152 |
102,754 |
96,087 |
6,668 |
3.4.6 Other accounts receivable/payable – other |
1,374 |
4,716 |
-3,342 |
13,021 |
19,943 |
-6,922 |
3.4.7 Special drawing rights |
– |
– |
– |
– |
– |
– |
3.5 Reserve assets |
5,738 |
– |
5,738 |
18,550 |
5,719 |
12,831 |
3.5.1 Monetary gold |
– |
– |
– |
– |
– |
– |
3.5.2 Special drawing rights n.a. |
– |
– |
– |
– |
– |
– |
3.5.3 Reserve position in the IMF n.a. |
– |
– |
– |
– |
– |
– |
3.5.4 Other reserve assets (Foreign Currency Assets) |
5,738 |
– |
5,738 |
18,550 |
5,719 |
12,831 |
3.5.4.1 Currency,deposits and securities |
5,738 |
– |
5,738 |
18,550 |
5,719 |
12,831 |
3.5.4.2 Financial derivatives |
– |
– |
– |
– |
– |
– |
3.5.4.3 Other claims |
– |
– |
– |
– |
– |
– |
3 Total assets/liabilities |
131,534 |
109,120 |
22,415 |
497,083 |
416,410 |
80,673 |
Of which: (by instrument): |
|
|
|
– |
– |
– |
3.0.1 Equity and investment fund shares |
44,368 |
32,855 |
11,513 |
169,717 |
136,948 |
32,769 |
3.0.2 Debt instruments |
80,024 |
71,549 |
8,476 |
295,199 |
253,801 |
41,398 |
3.0.3 Other financial assets and liabilities |
7,142 |
4,716 |
2,426 |
32,168 |
25,662 |
6,506 |
4 Net errors and omissions |
– |
555 |
-555 |
– |
2,432 |
-2,432 |
Annex 1: India’s Overall Balance of Payments |
(US$ million) |
Item |
Apr-Jun 2012 P |
Apr-Jun 2011 PR |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
1 |
2 |
3 |
4 |
5 |
6 |
A. CURRENT ACCOUNT |
|
|
|
|
|
|
I. MERCHANDISE |
76,708 |
119,181 |
-42,473 |
78,642 |
123,651 |
-45,009 |
II. INVISIBLES (a+b+c) |
54,008 |
28,086 |
25,922 |
52,085 |
24,617 |
27,468 |
a) Services |
34,381 |
20,206 |
14,175 |
34,055 |
17,637 |
16,418 |
i) Travel |
3,506 |
3,108 |
398 |
3,697 |
3,461 |
237 |
ii) Transportation |
4,250 |
3,656 |
594 |
4,355 |
4,002 |
353 |
iii) Insurance |
532 |
249 |
283 |
569 |
298 |
271 |
iv) G.n.i.e. |
159 |
163 |
-5 |
139 |
201 |
-63 |
v) Miscellaneous |
25,934 |
13,029 |
12,905 |
25,295 |
9,675 |
15,620 |
of which: |
|
|
|
|
|
|
Software Services |
15,843 |
632 |
15,211 |
14,950 |
302 |
14,647 |
Business Services |
7,611 |
7,748 |
-137 |
5,780 |
5,914 |
-133 |
Financial Services |
1,306 |
1,436 |
-130 |
1,282 |
1,764 |
-482 |
Communication Services |
419 |
104 |
315 |
360 |
415 |
-55 |
b) Transfers |
17,492 |
839 |
16,653 |
15,538 |
858 |
14,680 |
i) Official |
37 |
192 |
-155 |
46 |
146 |
-100 |
ii) Private |
17,455 |
647 |
16,808 |
15,491 |
712 |
14,779 |
c) Income |
2,135 |
7,040 |
-4,905 |
2,493 |
6,122 |
-3,629 |
i) Investment Income |
1,436 |
6,554 |
-5,118 |
1,904 |
5,722 |
-3,818 |
ii) Compensation of Employees |
698 |
486 |
212 |
589 |
400 |
189 |
Total Current Account (I+II) |
130,716 |
147,267 |
-16,551 |
1,30,727 |
1,48,268 |
-17,541 |
B. CAPITAL ACCOUNT |
|
|
|
|
|
|
1. Foreign Investment (a+b) |
43,871 |
41,557 |
2,314 |
66,052 |
54,255 |
11,798 |
a) Foreign Direct Investment (i+ii) |
8,458 |
4,221 |
4,236 |
17,351 |
8,095 |
9,256 |
i) In India |
7,595 |
1,390 |
6,204 |
16,947 |
4,559 |
12,388 |
Equity |
4,896 |
1,033 |
3,863 |
13,445 |
4,226 |
9,219 |
Reinvested Earnings |
2,284 |
0 |
2,284 |
2,051 |
– |
2,051 |
Other Capital |
415 |
358 |
57 |
1,451 |
333 |
1,118 |
ii) Abroad |
863 |
2,831 |
-1,968 |
404 |
3,536 |
-3,132 |
Equity |
863 |
1,309 |
-446 |
404 |
1,549 |
-1,145 |
Reinvested Earnings |
0 |
297 |
-297 |
– |
302 |
-302 |
Other Capital |
0 |
1,225 |
-1,225 |
– |
1,685 |
-1,685 |
b) Portfolio Investment |
35,413 |
37,335 |
-1,922 |
48,701 |
46,159 |
2,541 |
i) In India |
35,175 |
36,787 |
-1,612 |
48,607 |
45,857 |
2,750 |
of which: |
|
|
|
|
|
|
FIIs |
35,081 |
36,787 |
-1,706 |
48,329 |
45,857 |
2,472 |
ADR/GDRs |
94 |
0 |
94 |
278 |
– |
278 |
ii) Abroad |
238 |
548 |
-310 |
94 |
303 |
-208 |
2. Loans (a+b+c) |
37,041 |
30,873 |
6,168 |
32,191 |
25,721 |
6,470 |
a) External Assistance |
551 |
735 |
-184 |
1,236 |
887 |
349 |
i) By India |
14 |
78 |
-64 |
17 |
57 |
-39 |
ii) To India |
537 |
657 |
-120 |
1,219 |
831 |
388 |
b) Commercial Borrowings |
6,282 |
5,307 |
975 |
6,790 |
3,738 |
3,052 |
i) By India |
1,068 |
936 |
132 |
339 |
319 |
21 |
ii) To India |
5,214 |
4,371 |
843 |
6,451 |
3,419 |
3,031 |
c) Short Term to India |
30,208 |
24,831 |
5,378 |
24,165 |
21,096 |
3,069 |
i) Suppliers’ Credit > 180 days & Buyers’ Credit |
30,208 |
24,171 |
6,038 |
22,682 |
21,096 |
1,586 |
ii) Suppliers’ Credit up to 180 days |
- |
660 |
-660 |
1,483 |
– |
1,483 |
3. Banking Capital (a+b) |
27,371 |
17,937 |
9,434 |
28,767 |
16,103 |
12,664 |
a) Commercial Banks |
27,345 |
17,828 |
9,517 |
28,736 |
16,077 |
12,659 |
i) Assets |
7,992 |
2,668 |
5,324 |
10,858 |
4,595 |
6,263 |
ii) Liabilities |
19,352 |
15,160 |
4,193 |
17,878 |
11,482 |
6,396 |
of which: Non-Resident Deposits |
19,338 |
12,787 |
6,551 |
12,488 |
11,337 |
1,151 |
b) Others |
26 |
109 |
-83 |
31 |
27 |
5 |
4. Rupee Debt Service |
- |
26 |
-26 |
– |
31 |
-31 |
5. Other Capital |
3,183 |
4,104 |
-921 |
1,672 |
8,649 |
-6,977 |
Total Capital Account (1 to 5) |
111,466 |
94,497 |
16,969 |
1,28,683 |
1,04,760 |
23,923 |
C. Errors & Omissions |
103 |
- |
103 |
- |
939 |
-939 |
D. Overall Balance (Total Current Account, Capital
Account and Errors & Omissions (A+B+C)) |
242,285 |
241,763 |
521 |
2,59,410 |
2,53,968 |
5,442 |
E. Monetary Movements (i+ii) |
- |
521 |
-521 |
- |
5,442 |
-5,442 |
i) I.M.F. |
- |
- |
- |
- |
- |
- |
ii) Foreign Exchange Reserves (Increase - / Decrease +) |
- |
521 |
-521 |
- |
5,442 |
-5,442 |
of which: SDR allocation |
- |
- |
- |
- |
- |
- |
| P: Preliminary. PR: Partially Revised. |
Annex 1: India’s Overall Balance of Payments (Contd.) |
(US$ million) |
Item |
Jul-Sept 2011 (PR) |
Oct-Dec 2011 (PR) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
7 |
8 |
9 |
10 |
11 |
12 |
A. CURRENT ACCOUNT |
|
|
|
|
|
|
I. MERCHANDISE |
79,560 |
124,088 |
-44,528 |
71,400 |
120,104 |
-48,704 |
II. INVISIBLES (a+b+c) |
52,107 |
26,471 |
25,636 |
56,866 |
28,116 |
28,750 |
a) Services |
32,643 |
18,651 |
13,992 |
37,552 |
21,385 |
16,167 |
i) Travel |
4,235 |
3,534 |
701 |
5,068 |
3,530 |
1,538 |
ii) Transportation |
4,499 |
3,624 |
875 |
4,705 |
4,444 |
260 |
iii) Insurance |
629 |
423 |
206 |
799 |
440 |
359 |
iv) G.n.i.e. |
147 |
179 |
-32 |
145 |
186 |
-40 |
v) Miscellaneous |
23,134 |
10,891 |
12,242 |
26,835 |
12,785 |
14,050 |
of which: |
|
|
|
|
|
|
Software Services |
13,940 |
307 |
13,633 |
16,123 |
317 |
15,806 |
Business Services |
6,120 |
6,352 |
-232 |
6,806 |
6,950 |
-143 |
Financial Services |
1,577 |
2,130 |
-553 |
1,613 |
2,189 |
-577 |
Communication Services |
390 |
309 |
80 |
456 |
341 |
115 |
b) Transfers |
16,376 |
775 |
15,601 |
17,024 |
614 |
16,410 |
i) Official |
136 |
152 |
-16 |
351 |
149 |
202 |
ii) Private |
16,240 |
622 |
15,618 |
16,673 |
465 |
16,208 |
c) Income |
3,088 |
7,045 |
-3,958 |
2,290 |
6,118 |
-3,827 |
i) Investment Income |
2,377 |
6,578 |
-4,201 |
1,707 |
5,566 |
-3,859 |
ii) Compensation of Employees |
711 |
467 |
244 |
583 |
551 |
32 |
Total Current Account (I+II) |
1,31,667 |
1,50,558 |
-18,892 |
1,28,266 |
1,48,220 |
-19,954 |
B. CAPITAL ACCOUNT |
|
|
|
|
|
|
1. Foreign Investment (a+b) |
55,208 |
49,918 |
5,289 |
49,784 |
42,922 |
6,861 |
a) Foreign Direct Investment (i+ii) |
11,981 |
5,496 |
6,485 |
10,434 |
5,470 |
4,963 |
i) In India |
11,615 |
2,137 |
9,478 |
9,432 |
2,559 |
6,873 |
Equity |
9,161 |
2,015 |
7,145 |
7,149 |
2,515 |
4,634 |
Reinvested Earnings |
2,051 |
– |
2,051 |
2,051 |
– |
2,051 |
Other Capital |
403 |
122 |
282 |
232 |
44 |
188 |
ii) Abroad |
366 |
3,359 |
-2,993 |
1,001 |
2,911 |
-1,910 |
Equity |
366 |
1,631 |
-1,265 |
1,001 |
1,385 |
-384 |
Reinvested Earnings |
– |
302 |
-302 |
– |
302 |
-302 |
Other Capital |
– |
1,426 |
-1,426 |
– |
1,223 |
-1,223 |
b) Portfolio Investment |
43,227 |
44,422 |
-1,196 |
39,350 |
37,452 |
1,898 |
i) In India |
42,769 |
44,152 |
-1,384 |
39,149 |
37,204 |
1,945 |
of which: |
|
|
|
|
|
|
FIIs |
42,564 |
44,152 |
-1,589 |
39,065 |
37,204 |
1,861 |
ADR/GDRs |
205 |
– |
205 |
84 |
– |
84 |
ii) Abroad |
458 |
270 |
188 |
201 |
248 |
-47 |
2. Loans (a+b+c) |
37,270 |
28,772 |
8,498 |
35,183 |
33,581 |
1,602 |
a) External Assistance |
1,081 |
790 |
291 |
2,209 |
856 |
1,353 |
i) By India |
17 |
57 |
-39 |
17 |
57 |
-39 |
ii) To India |
1,063 |
734 |
330 |
2,191 |
800 |
1,392 |
b) Commercial Borrowings |
9,785 |
4,449 |
5,336 |
7,827 |
8,153 |
-327 |
i) By India |
1,118 |
469 |
649 |
1,405 |
901 |
504 |
ii) To India |
8,667 |
3,980 |
4,687 |
6,422 |
7,252 |
-830 |
c) Short Term to India |
26,405 |
23,534 |
2,871 |
25,148 |
24,572 |
576 |
i) Suppliers’ Credit > 180 days & Buyers’ Credit |
25,130 |
23,534 |
1,596 |
25,148 |
23,897 |
1,251 |
ii) Suppliers’ Credit up to 180 days |
1,275 |
– |
1,275 |
– |
675 |
-675 |
3. Banking Capital (a+b) |
20,488 |
13,439 |
7,049 |
16,146 |
21,632 |
-5,487 |
a) Commercial Banks |
20,144 |
13,439 |
6,705 |
16,143 |
21,505 |
-5,362 |
i) Assets |
2,223 |
1,006 |
1,217 |
393 |
2,770 |
-2,377 |
ii) Liabilities |
17,921 |
12,433 |
5,488 |
15,750 |
18,735 |
-2,985 |
of which: Non-Resident Deposits |
15,088 |
12,302 |
2,786 |
15,698 |
12,375 |
3,323 |
b) Others |
344 |
– |
344 |
3 |
127 |
-124 |
4. Rupee Debt Service |
– |
1 |
-1 |
– |
– |
– |
5. Other Capital |
4,737 |
6,006 |
-1,269 |
5,511 |
808 |
4,703 |
Total Capital Account (1 to 5) |
1,17,704 |
98,137 |
19,567 |
1,06,624 |
98,944 |
7,680 |
C. Errors & Omissions |
– |
399 |
-399 |
– |
538 |
-538 |
D. Overall Balance (Total Current Account, Capital
Account and Errors & Omissions (A+B+C)) |
2,49,370 |
2,49,094 |
276 |
2,34,890 |
2,47,703 |
-12,812 |
E. Monetary Movements (i+ii) |
– |
276 |
-276 |
12,812 |
– |
12,812 |
i) I.M.F. |
– |
– |
– |
– |
– |
– |
ii) Foreign Exchange Reserves (Increase - / Decrease +) |
– |
276 |
-276 |
12,812 |
– |
12,812 |
of which: SDR allocation |
– |
– |
– |
- |
– |
– |
Annex 1: India’s Overall Balance of Payments (Concld.) |
(US$ million) |
Item |
Jan-Mar 2012 (P) |
2011-12 (P) |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
13 |
14 |
15 |
16 |
17 |
18 |
A. CURRENT ACCOUNT |
|
|
|
|
|
|
I. MERCHANDISE |
80,172 |
131,690 |
-51,518 |
3,09,774 |
4,99,533 |
-1,89,759 |
II. INVISIBLES (a+b+c) |
58,172 |
28,421 |
29,751 |
2,19,229 |
1,07,625 |
1,11,604 |
a) Services |
38,075 |
20,554 |
17,521 |
1,42,325 |
78,227 |
64,098 |
i) Travel |
5,462 |
3,238 |
2,224 |
18,462 |
13,762 |
4,699 |
ii) Transportation |
4,681 |
4,311 |
370 |
18,241 |
16,382 |
1,859 |
iii) Insurance |
635 |
337 |
298 |
2,632 |
1,497 |
1,134 |
iv) G.n.i.e. |
47 |
214 |
-166 |
478 |
780 |
-302 |
v) Miscellaneous |
27,250 |
12,455 |
14,795 |
1,02,513 |
45,806 |
56,707 |
of which: |
|
|
|
|
|
|
Software Services |
17,199 |
329 |
16,870 |
62,212 |
1,256 |
60,957 |
Business Services |
7,204 |
7,574 |
-370 |
25,910 |
26,788 |
-878 |
Financial Services |
1,495 |
1,902 |
-406 |
5,967 |
7,984 |
-2,018 |
Communication Services |
395 |
491 |
-97 |
1,600 |
1,557 |
43 |
b) Transfers |
17,824 |
1,021 |
16,803 |
66,761 |
3,267 |
63,494 |
i) Official |
99 |
160 |
-62 |
632 |
607 |
25 |
ii) Private |
17,725 |
861 |
16,864 |
66,129 |
2,660 |
63,469 |
c) Income |
2,273 |
6,846 |
-4,573 |
10,144 |
26,131 |
-15,988 |
i) Investment Income |
1,688 |
6,274 |
-4,586 |
7,676 |
24,141 |
-16,465 |
ii) Compensation of Employees |
585 |
572 |
13 |
2,468 |
1,991 |
477 |
Total Current Account (I+II) |
1,38,344 |
1,60,112 |
-21,768 |
5,29,003 |
6,07,158 |
-78,155 |
B. CAPITAL ACCOUNT |
|
|
|
|
|
|
1. Foreign Investment (a+b) |
63,574 |
48,291 |
15,282 |
2,34,618 |
1,95,387 |
39,231 |
a) Foreign Direct Investment (i+ii) |
9,241 |
7,885 |
1,356 |
49,007 |
26,947 |
22,061 |
i) In India |
8,557 |
4,343 |
4,214 |
46,552 |
13,599 |
32,952 |
Equity |
6,098 |
4,262 |
1,836 |
35,852 |
13,019 |
22,833 |
Reinvested Earnings |
2,051 |
– |
2,051 |
8,205 |
– |
8,205 |
Other Capital |
408 |
81 |
327 |
2,494 |
580 |
1,914 |
ii) Abroad |
684 |
3,541 |
-2,857 |
2,456 |
13,348 |
-10,892 |
Equity |
684 |
1,765 |
-1,081 |
2,456 |
6,330 |
-3,874 |
Reinvested Earnings |
– |
302 |
-302 |
– |
1,208 |
-1,208 |
Other Capital |
– |
1,474 |
-1,474 |
– |
5,809 |
-5,809 |
b) Portfolio Investment |
54,333 |
40,407 |
13,926 |
1,85,610 |
1,68,440 |
17,170 |
i) In India |
54,223 |
40,125 |
14,098 |
1,84,747 |
1,67,338 |
17,409 |
of which: |
|
|
|
|
|
|
FIIs |
54,193 |
40,125 |
14,068 |
1,84,150 |
1,67,338 |
16,812 |
ADR/GDRs |
30 |
– |
30 |
597 |
– |
597 |
ii) Abroad |
110 |
282 |
-172 |
863 |
1,102 |
-239 |
2. Loans (a+b+c) |
36,346 |
33,609 |
2,737 |
1,40,990 |
1,21,683 |
19,307 |
a) External Assistance |
1,120 |
817 |
303 |
5,646 |
3,350 |
2,296 |
i) By India |
17 |
57 |
-39 |
70 |
226 |
-157 |
ii) To India |
1,103 |
760 |
342 |
5,576 |
3,124 |
2,452 |
b) Commercial Borrowings |
8,189 |
5,907 |
2,282 |
32,590 |
22,247 |
10,344 |
i) By India |
807 |
776 |
31 |
3,669 |
2,465 |
1,204 |
ii) To India |
7,382 |
5,131 |
2,251 |
28,922 |
19,782 |
9,140 |
c) Short Term to India |
27,037 |
26,885 |
152 |
1,02,754 |
96,087 |
6,668 |
i) Suppliers’ Credit > 180 days & Buyers’ Credit |
26,288 |
26,885 |
-597 |
99,247 |
95,412 |
3,836 |
ii) Suppliers’ Credit up to 180 days |
749 |
– |
749 |
3,507 |
675 |
2,832 |
3. Banking Capital (a+b) |
24,503 |
22,504 |
1,999 |
89,904 |
73,678 |
16,226 |
a) Commercial Banks |
24,454 |
22,408 |
2,046 |
89,478 |
73,429 |
16,049 |
i) Assets |
162 |
5,857 |
-5,696 |
13,635 |
14,228 |
-592 |
ii) Liabilities |
24,293 |
16,551 |
7,742 |
75,842 |
59,201 |
16,641 |
of which: Non-Resident Deposits |
21,013 |
16,355 |
4,658 |
64,287 |
52,370 |
11,918 |
b) Others |
48 |
95 |
-47 |
426 |
249 |
177 |
4. Rupee Debt Service |
– |
47 |
-47 |
– |
79 |
-79 |
5. Other Capital |
1,375 |
4,761 |
-3,386 |
13,296 |
20,224 |
-6,929 |
Total Capital Account (1 to 5) |
1,25,797 |
1,09,212 |
16,586 |
4,78,808 |
4,11,052 |
67,755 |
C. Errors & Omissions |
– |
555 |
-555 |
– |
2,432 |
-2,432 |
D. Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C)) |
2,64,141 |
2,69,878 |
-5,738 |
10,07,811 |
10,20,643 |
-12,831 |
E. Monetary Movements (i+ii) |
5,738 |
– |
5,738 |
12,831 |
– |
12,831 |
i) I.M.F. |
– |
– |
– |
– |
– |
– |
ii) Foreign Exchange Reserves (Increase - / Decrease +) |
5,738 |
– |
5,738 |
12,831 |
– |
12,831 |
of which: SDR allocation |
– |
– |
– |
– |
– |
– |
Attachment I : Invisibles Receipts by Category of Transactions |
( US$ million) |
Items |
2011-12 |
Apr-Jun |
2012-13 P |
2011-12 PR |
1 |
2 |
3 |
4 |
Invisibles Receipts (New Format) ( A+B+C) |
217208 |
53993 |
51705 |
A) Services |
140935 |
34381 |
33721 |
1) Travel |
18462 |
3506 |
3697 |
a) Business |
- |
264 |
- |
b) Health |
- |
68 |
- |
c) Education |
- |
72 |
- |
d) Others |
- |
3102 |
- |
2) Transport |
18257 |
4250 |
4359 |
a ) Sea Transport |
|
|
|
i) Surplus remitted by Indian companies operating abroad |
731 |
157 |
205 |
ii) Operating expenses of foreign companies in India |
753 |
125 |
187 |
iii) Charter hire charges |
149 |
33 |
41 |
b) Air Transport |
|
|
|
i) Surplus remitted by Indian companies operating abroad |
801 |
105 |
153 |
ii) Operating expenses of foreign companies in India |
113 |
4 |
38 |
iii) Charter hire charges |
9 |
0 |
1 |
c) Freight on exports |
13073 |
3232 |
3070 |
d) Postal & courier services |
16 |
4 |
4 |
e) Others (includes port charges, bunker, stevedoring, demurrage and other port facilities) |
2612 |
590 |
660 |
3) Insurance |
2631 |
532 |
568 |
a) Direct Insurance |
2464 |
452 |
533 |
b) Reinsurance |
124 |
69 |
28 |
c) Auxilary Insurance |
43 |
9 |
7 |
d) Pension & standardized gurantee service |
- |
2 |
- |
4) Government Not Included Elsewhere |
478 |
159 |
139 |
a) Maintenance of foreign embassies and diplomatic missions in India |
344 |
119 |
100 |
b) Maintenance of international and regional institution in India |
134 |
40 |
39 |
5) Telecommunications, computer and information services |
63972 |
16294 |
15336 |
a) Telecommunication services |
1654 |
419 |
356 |
b) Software services |
62212 |
15843 |
14950 |
c) Information Services (News agency) |
106 |
32 |
30 |
6) Construction services |
804 |
211 |
253 |
a) Construction abroad |
804 |
194 |
253 |
b) Construction in the reporting economy |
0 |
17 |
0 |
7) Financial services |
5967 |
1306 |
1282 |
a) Explicitly charged and other financial services |
5967 |
1243 |
1282 |
b) Financial intermediation services indirectly measured |
0 |
63 |
0 |
8) Royalties, copyright and license fees |
281 |
29 |
40 |
a) Franchises services |
- |
5 |
- |
b) Receipts for use, through licensing arrangements, of produced originals or prototypes (such as
manuscripts and films), patents, copyrights, trademarks, industrial processes, franchises etc. |
- |
24 |
- |
9) Business services |
24557 |
7611 |
5447 |
a) Research & Development |
793 |
243 |
161 |
i) Research & Development services |
793 |
234 |
161 |
ii) Market research and public opinion polling service |
0 |
9 |
0 |
b) Professional and management consulting services |
13889 |
3798 |
2463 |
i) Legal services |
556 |
184 |
118 |
ii) Accounting, auditing, book keeping services |
474 |
148 |
81 |
iii) Business and management consultancy and public relations services |
9335 |
2778 |
2040 |
iv) Advertising, trade fair service |
774 |
158 |
224 |
v) Architectural services |
2750 |
249 |
642 |
vi) Engineering Services |
- |
243 |
- |
vii) Tax consulting services |
- |
37 |
- |
Attachment I : Invisibles Receipts by Category of Transactions (Concld.) |
( US$ million) |
Items |
2011-12 |
Apr-Jun |
2012-13 P |
2011-12 PR |
1 |
2 |
3 |
4 |
c) Technical, trade-related, and other business services |
9875 |
3569 |
2823 |
i) Trade related services – commission on exports / imports |
2882 |
1277 |
748 |
ii) Operational leasing services (other than financial leasing) without operating crew,
including charter hire- Airlines companies |
757 |
194 |
200 |
iii) Agricultural services like protection against insects & disease, increasing of harvest yields,
forestry services. |
78 |
9 |
35 |
iv) Inward remittance for maintenance of offices in India |
6040 |
1265 |
1183 |
v) Environmental Services |
93 |
27 |
16 |
vi) Publishing and printing services |
- |
6 |
- |
vii) Mining services like on–site processing services analysis of ores etc. |
- |
12 |
- |
viii) Commission agent services |
- |
673 |
- |
ix) Wholesale and retailing trade services. |
- |
2 |
- |
x) Operational leasing services (other than financial leasing) without operating crew,
including charter hire- Shipping companies |
- |
27 |
- |
xi) Other Technical Services including scientific/space services. |
2775 |
77 |
641 |
10) Personal, cultural & Recreational services |
393 |
189 |
86 |
a) Audiovisual and related services |
198 |
55 |
33 |
b) Other personal, cultural, and recreational services |
195 |
134 |
53 |
11) Maintenance and Repair Services |
|
23 |
|
a) Receipts on account of maintenance and repair services rendered for Vessels, Ships, Boats,
Warships, etc. |
- |
17 |
- |
b) Receipts of maintenance and repair services rendered for aircrafts, Space shuttles, Rockets,
military aircrafts, etc. |
- |
6 |
- |
12) Manufacturing services on physical inputs owned by others |
- |
9 |
- |
13) Other Services not included elsewhere |
5133 |
262 |
2514 |
B) Primary Income Receipts |
10144 |
2134 |
2493 |
1) Compensation of Employee |
2468 |
698 |
589 |
Wages received by Indians working on foreign contracts or the foreigners working in India on
foreign contracts |
2468 |
698 |
589 |
2) Investment Income Receipts |
7676 |
1436 |
1904 |
a) Inward remittance towards interest on loans extended to non-residents
(ST/MT/LT loans) |
567 |
72 |
202 |
b) Dividend/Profit received by Indian on Foreign Investment |
766 |
54 |
276 |
of which Dividend |
547 |
48 |
241 |
Profits |
219 |
6 |
35 |
c) Reinvested Earnings |
1208 |
297 |
302 |
d) Interest Received on debentures, FRNs, CPs Fixed deposits and funds held abroad by ADs out
of foreign currency loans/exports proceeds |
405 |
83 |
150 |
e) Interest received on overdraft of Vostro account of foreign correspondents/branches by ADs |
25 |
10 |
7 |
f) Payment of taxes by non-Residents/Refund of taxes by foreign Government to Indians |
615 |
82 |
152 |
g) Interest / discount earnings etc. earnings on RBI investment |
4063 |
835 |
811 |
h) Interest / remuneration on SDR holdings |
27 |
3 |
4 |
C) Secondary Income Receipts |
66129 |
17478 |
15491 |
1) Official Transfer |
- |
23 |
- |
2) Private Transfers |
66129 |
17455 |
15491 |
a) Inward Remittance from Indian workers abroad for family maintenance etc. |
31263 |
8549 |
7372 |
b) Local withdrawals/redemptions from non-resident deposits |
32471 |
8105 |
7503 |
c) Gold and silver brought through passenger baggage |
53 |
16 |
18 |
d) Personal gifts/donations to charitable/religious institutions in India |
2342 |
785 |
598 |
P: Preliminary; PR Partially Revised |
Attachment II : Invisibles Payments by Category of Transactions |
( US$ million) |
Item |
2011-12 |
Apr-Jun |
2012-13 P |
2011-12 PR |
1 |
2 |
3 |
4 |
Invisibles Payments (New Format) ( A+B+C) |
105697 |
27899 |
24260 |
A) SERVICES |
76906 |
20206 |
17427 |
1) Travel |
13762 |
3108 |
3461 |
a) Business |
7297 |
1734 |
1847 |
b) Health Related |
36 |
7 |
10 |
c) Education Related |
1864 |
268 |
330 |
d) Basic travel quota (BTQ) |
2800 |
354 |
895 |
e) Pilgrimage |
510 |
72 |
48 |
f) Others (Includes settlements of intenational credit cards |
1255 |
673 |
331 |
2) Transport |
16453 |
3656 |
4018 |
a. Sea Transport |
|
|
|
i) Surplus remitted by Foreign companies operating in India |
2961 |
588 |
805 |
ii) Operating expenses of Indian companies abroad |
1056 |
206 |
312 |
iii) Charter hire charges |
72 |
60 |
13 |
iv) Booking of passages abroad |
10 |
8 |
8 |
v) Freight on imports |
3848 |
1175 |
996 |
vi) Freight on Exports |
1237 |
336 |
436 |
b. Air Transport |
|
|
|
i) Surplus remitted by Foreign companies operating in India |
2457 |
783 |
794 |
ii) Operating expenses of Indian companies abroad |
867 |
165 |
234 |
iii) Charter hire charges |
422 |
71 |
119 |
iv) Freight on imports |
176 |
33 |
34 |
v) Freight on Exports |
31 |
5 |
3 |
vi) Remittance of passage booking abroad. |
56 |
27 |
10 |
c. Postal and Courier Services |
73 |
6 |
16 |
d. Others (includes port charges, bunker, stevedoring, demurrage and other port facilities) |
3187 |
193 |
238 |
3) Insurance |
1497 |
249 |
298 |
a) Direct Insurance |
594 |
94 |
84 |
b) Reinsurance |
829 |
150 |
196 |
c) Auxilary Insurance |
74 |
4 |
18 |
d) Pension & standardized guarantee service |
- |
1 |
- |
4) Government Not Included Elsewhere |
780 |
164 |
201 |
a) Maintenance of Indian embassies and diplomatic mission abroad |
460 |
76 |
115 |
b) Remittances by foreign embassies and mission in India |
320 |
88 |
86 |
5) Telecommunications, computer and information services |
3258 |
826 |
895 |
a) Telecommunication services |
1485 |
104 |
399 |
b) Software services |
1256 |
632 |
302 |
c) Information Services (News agency) |
517 |
90 |
194 |
6) Construction services |
1006 |
251 |
207 |
a) Construction abroad |
581 |
165 |
120 |
b) Construction in the reporting economy |
425 |
86 |
87 |
7) Financial services |
7984 |
1437 |
1764 |
a) Explicitly charged and other financial services |
7984 |
1217 |
1764 |
b) Financial intermediation services indirectly measured |
- |
220 |
- |
8) Charges for the use of intellectual property n.i.e. (Royalties, copyright and license fees) |
3207 |
800 |
606 |
a) Franchises services |
- |
354 |
- |
b) Receipts for use, through licensing arrangements, of produced originals or prototypes (such as
manuscripts and films), patents, copyrights, trademarks, industrial processes, franchises etc. |
- |
446 |
- |
9) Other Business services |
25466 |
7748 |
5703 |
a) Research & Developments |
222 |
71 |
48 |
i) Research & Development services |
222 |
41 |
48 |
ii) Market research and public opinion polling service |
- |
30 |
- |
Attachment II : Invisibles Payments by Category of Transactions (Concld.) |
( US$ million) |
Item |
2011-12 |
Apr-Jun |
2012-13 P |
2011-12 PR |
1 |
2 |
3 |
4 |
b) Professional and management consulting services |
11245 |
3448 |
2356 |
i) Legal services |
224 |
43 |
46 |
ii) Accounting, auditing, book keeping services |
210 |
13 |
77 |
iii) Business and management consultancy and public relations services |
9829 |
2530 |
2022 |
iv) Advertising, trade fair service |
982 |
269 |
211 |
v) Architectural services |
4871 |
433 |
1092 |
vi) Engineering Services |
- |
159 |
- |
vii) Tax consulting services |
- |
2 |
- |
c) Technical, trade-related, and other business services |
13999 |
4229 |
3299 |
i) Trade related services – commission on exports / imports |
2427 |
1324 |
590 |
ii) Operational leasing services (other than financial leasing) without operating crew, including
charter hire- Airlines companies |
1168 |
164 |
338 |
iii) Agricultural services like protection against insects & disease, increasing of harvest yields,
forestry services. |
64 |
10 |
11 |
iv) Outward remittance for maintenance of offices abroad |
5065 |
959 |
886 |
v) Environmental Services |
10 |
3 |
1 |
vi) Publishing and printing services |
- |
1 |
- |
vii) Mining services like on–site processing services analysis of ores etc. |
- |
384 |
- |
viii) Commission agent services |
- |
24 |
- |
ix) Wholesale and retailing trade services. |
- |
8 |
- |
x) Operational leasing services (other than financial leasing) without operating crew, including
charter hire- Shipping companies |
- |
28 |
- |
xi) Other Technical Services including scientific/space services. |
5265 |
1324 |
1473 |
10) Personal, cultural & Recreational services |
275 |
172 |
80 |
a) Audiovisual and related services |
91 |
54 |
27 |
b) Other personal, cultural, and recreational services |
184 |
118 |
53 |
11) Maintenance and Repair Services |
- |
92 |
- |
a) Receipts on account of maintenance and repair services rendered for Vessels, Ships, Boats, Warships, etc. |
- |
44 |
- |
b) Receipts of maintenance and repair services rendered for aircrafts, Space shuttles, Rockets, military
aircrafts, etc. |
- |
48 |
- |
12) Manufacturing services on physical inputs owned by others |
- |
5 |
- |
13) Other Services not included elsewhere |
3214 |
1699 |
194 |
B. Primary Income Payments |
26131 |
7040 |
6122 |
1) Compensation of Employee |
1991 |
486 |
400 |
Payment of wages/salary to Non-residents working in India or Indians working on projects abroad |
1991 |
486 |
400 |
2) Investment Income |
24140 |
6554 |
5722 |
a) Payment of interest on NRI deposits |
2312 |
827 |
503 |
b) Payment of interest on loans from non-residents |
7904 |
2838 |
1831 |
c) Payment of dividend/profit to non-resident share holder |
4861 |
345 |
1167 |
Of which: Dividend |
4541 |
334 |
1076 |
Profit |
320 |
10 |
91 |
d) Reinvested Earning |
8204 |
2284 |
2051 |
e) Payment of interest on debentures, FRNs, CPs fixed deposits, Government securities etc. |
216 |
28 |
47 |
f) Charges on SDRs |
22 |
2 |
7 |
g) Interest paid on overdraft on VOSTRO a/c Holders/ OD on NOSTRO a/c |
222 |
44 |
23 |
h) Payment of taxes by the Indians/refund of taxes by government to non-residents |
399 |
186 |
93 |
C. Secondary Income Payments |
2660 |
653 |
711 |
1) Official Transfers |
0 |
6 |
0 |
2) Private Transfers |
2660 |
647 |
711 |
a) Remittance by non-residents towards family maintenance and savings |
2270 |
567 |
588 |
b) Personal gifts/donations to charitable/ religious institutions |
390 |
80 |
123 |
Of which: Remittance towards personal gifts and donations |
372 |
59 |
114 |
Remittance towards donations to religious and charitable institutions abroad |
15 |
1 |
8 |
Remittance towards grants and donations to other governments and charitable institutions established by the governments |
3 |
20 |
1 |
P: Preliminary; PR Partially Revised
Note: Invisible data for Apr-Jun 2012 have been compiled as per BPM6 format. Disaggregated data for some of the variables may not be available for earlier period. |
|