Mumbai, Dec 13: An exponential rise in merchandise imports widened India's current account deficit (CAD) to $7.2 billion or 1.2 per cent of the GDP in the second quarter of 2017-18, from $3.4 billion reported in the corresponding period in 2016-17.
However, on a sequential basis, the Q2 CAD narrowed down sharply from $15 billion reported for the preceding quarter, the Reserve Bank of India's (RBI) data on Balance of Payments (BoP) showed on Wednesday.
"India's CAD at $7.2 billion (1.2 per cent of GDP) in Q2 of 2017-18 narrowed sharply from $15 billion (2.5 per cent of GDP) in the preceding quarter, but was substantially higher than $3.4 billion (0.6 per cent of GDP) in Q2 of 2016-17," the RBI said.
"The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit ($32.8 billion) brought about by a larger increase in merchandise imports relative to exports."
According to RBI's Q2 BoP data, net services receipts increased by 13.1 per cent on a y-o-y basis mainly on the back of a rise in net earnings from software services and travel receipts.
"Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $17.4 billion, increasing by 14.7 per cent from their level a year ago," the country's central bank said.
"In the financial account, net foreign direct investment at $12.4 billion in Q2 of 2017-18 moderated from its level in Q2 of 2016-17."
As per the data, during the quarter in consideration, there was a significant reduction in portfolio investment inflows at $2.1 billion, primarily "on account of net sale in the equity market" as compared to $6.1 billion in the same quarter a year ago.
"Net receipts on account of non-resident deposits amounted to US$ 0.7 billion in Q2 of 2017-18, lower than US$ 2.1 billion a year ago," the RBI said.
There was an accretion of $9.5 billion to India's foreign exchange reserves, as compared to $8.5 billion in the same quarter last year and $11.4 billion in the preceding quarter.
Assam, June 18: The devastating flood in the Northeast has claimed six more lives during the past 24 hours, taking the death toll to 23, although the situation in the region showed a marked improvemen ..Written by : IANS | 06:47 PM
New Delhi, June 18: Here is the latest news that the Enforcement Directorate (ED) on Monday filed charge sheet against Vijay Mallya in money laundering case. According to sources, the ED will seek ..Written by : IANS | 05:33 PM
June 18: Tollywood Young Hero Vijay Devarakonda who grabbed a Filmfare award in the Best Actor category for his performance in the movie Arjun Reddy decided to auction his award. Though it is his ..Written by : IANS | 05:04 PM
Hyderabad, April 12: Nagarjuna's song "Ninnu Roddu Meeda Chusnadi Laggayithu" one of the most popular songs in 1990's. The Song has got a tremendous response in that time. The SOng was super hit film ..Written by : IANS | 05:04 PM
Hyderabad, Apr 10: Preparations related to NTR Rama Rao biopic are ongoing. Bala Krishna is playing the role of NT Rama Rao while the rest of the cast has to be finalized. The selection process for th ..Written by : IANS | 02:13 PM
Hyderabad, Apr 03: Power star Pawan Kalyan has congratulated on the hit of Rangasthalam team here on today. Pawan spoke to Charan after watching "Rangasthalam" on the special screen, he told that h ..Written by : IANS | 04:47 PM
Hyderabad, Mar 26: The Tollywood Gorgeous actress Anushka Shetty had a fabulous start to 2018 with the solid success of Bhaagamathie. Although there have been several rumors on her future projects ..Written by : IANS | 03:04 PM
Kolkata, June 18: In a ghastly incident, Thre ..
New Delhi, June 18: The All India Institute o ..
New Delhi, June 18: Congress President Rahul ..
New Delhi, June 18: Here is the latest news t ..
Visakhapatnam, June 18: In a major developmen ..
New Delhi, June 18: Nowadays many of the peop ..
New Delhi, June 18: The Truck owners and oper ..
Mumbai, June 18: Here is a shocking incident ..
New Delhi, June 18: Absconding businessman Ni ..
Amritsar, June 18: In a brutal incident, At l ..
San Francisco, June 17: In a significant deve ..
Indonesian, June 17: In a drastic incident, A ..
New Delhi, June 16: The Indian Government has ..
Washington, June 16: US President Donald Trum ..
Washington, June 16: Days After Donald Trump ..
New Delhi, June 16: Eid al-Fitr is "the feast ..
London, June 15: This year's World Cup kicked ..
Nigerian, June 13: A Nigerian man sent off hi ..
Singapore, June 13: The 80-year-old Singapore ..
Japan, June 13: Japan's upper house of parlia ..
Mumbai, June 18: It is well-known news that T ..
The Netherlands, June 18: There is a rare occ ..
Mumbai, June 17: As the world Father's day on ..
Colombo, June 17: The ICC has charged Dinesh ..
New Delhi, June 17: Team India player Rohit S ..
New Delhi, June 17: It is well-known news tha ..
New Delhi, June 17: Team India Star player Su ..
Bangalore, June 16: India has won the one-off ..
Bangalore, June 15: Let us take a look at the ..
Bangalore, June 15: India bowled out Afghanis ..
New Delhi, June 18: Bharti Airtel launched th ..
New Delhi, June 18: Whatsap services were sta ..
Hyderabad, June 17: Pineapple is the second m ..
New Delhi, June 17: Asus has released its lat ..
Hyderabad, June 16: Nowadays cancer plays a v ..
New Delhi, June 16: The war is still on, near ..
Hyderabad, June 16: Domestic handset-maker Mi ..
Hyderabad, June 10: Analysts say gold prices ..
New Delhi, June 10: The state-owned Bharat Sa ..
New Delhi, June 06: BSNL has launched four ne ..