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Preliminary data on India’s balance of payments (BoP) for the second quarter (Q2), i.e., July-September 2025-26, are presented in Statements I and II.
Key Features of India’s BoP in Q2:2025-26
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India’s current account deficit moderated to US$ 12.3 billion (1.3 per cent of GDP) in Q2:2025-26 from US$ 20.8 billion (2.2 per cent of GDP) in Q2:2024-25 (Table 1).1,2
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Merchandise trade deficit at US$ 87.4 billion in Q2:2025-26 was lower than US$ 88.5 billion in Q2:2024-25.
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Net services receipts increased to US$ 50.9 billion in Q2:2025-26 from US$ 44.5 billion a year ago.
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Services exports have risen on a year-on-year basis in major categories such as computer services and other business services.
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Net outgo on the primary income account, mainly reflecting payments of investment income, increased to US$ 12.2 billion in Q2:2025-26 from US$ 9.2 billion in Q2:2024-25.
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Personal transfer receipts under secondary income account, mainly representing remittances by Indians employed overseas, rose to US$ 38.2 billion in Q2:2025-26 from US$ 34.4 billion in Q2:2024-25.
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In the financial account, foreign direct investment (FDI) recorded a net inflow of US$ 2.9 billion in Q2:2025-26 as against a net outflow of US$ 2.8 billion in the corresponding period of 2024-25.
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Foreign portfolio investment (FPI) recorded a net outflow of US$ 5.7 billion in Q2:2025-26 as against a net inflow of US$ 19.9 billion in Q2:2024-25.
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Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 1.6 billion in Q2:2025-26 as compared with net inflows of US$ 5.0 billion in the corresponding period a year ago.
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Non-resident deposits (NRI deposits) recorded a net inflow of US$ 2.5 billion in Q2:2025-26 as compared with US$ 6.2 billion a year ago.
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There was a depletion of US$ 10.9 billion to the foreign exchange reserves (on a BoP basis) in Q2:2025-26 as against an accretion of US$ 18.6 billion in Q2:2024-25.
BoP During April-September 2025 (H1:2025-26)
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India’s current account deficit declined to US$ 15.0 billion (0.8 per cent of GDP) in H1:2025-26 from US$ 25.3 billion (1.3 per cent of GDP) in H1:2024-25 (Table 1).
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Net invisibles receipts3 at US$ 141.3 billion were higher in H1:2025-26 than that of US$ 123.0 billion a year ago, primarily on account of net services receipts and net personal transfers.
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Net FDI inflows increased to US$ 7.7 billion in H1:2025-26 from US$ 3.4 billion in H1:2024-25.
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FPI recorded net outflows of US$ 4.1 billion in H1:2025-26 as against net inflows of US$ 20.8 billion a year ago.
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In H1:2025-26, there was a depletion of US$ 6.4 billion to the foreign exchange reserves (on a BoP basis) as against an accretion of US$ 23.8 billion in the corresponding period a year ago.
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Table 1: Major Items of India's Balance of Payments
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| (US$ billion) |
|
|
July – September 2024 PR
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July – September 2025 P
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April – September 2024 PR
|
April – September 2025 P
|
|
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
|
A. Current Account
|
245.8
|
266.6
|
-20.8
|
266.7
|
279.0
|
-12.3
|
491.8
|
517.1
|
-25.3
|
523.1
|
538.1
|
-15.0
|
|
1. Goods
|
100.6
|
189.2
|
-88.5
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109.4
|
196.8
|
-87.4
|
215.8
|
364.1
|
-148.3
|
222.1
|
378.4
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-156.3
|
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of which:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POL
|
12.4
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41.5
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-29.2
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13.4
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42.9
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-29.5
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36.6
|
93.1
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-56.4
|
30.4
|
92.1
|
-61.7
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2. Services
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93.4
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48.9
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44.5
|
101.6
|
50.7
|
50.9
|
182.0
|
97.7
|
84.3
|
199.0
|
100.2
|
98.8
|
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3. Primary Income
|
16.5
|
25.7
|
-9.2
|
16.7
|
28.9
|
-12.2
|
29.2
|
49.2
|
-20.0
|
28.9
|
53.8
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-25.0
|
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4. Secondary Income
|
35.3
|
2.8
|
32.4
|
39.0
|
2.6
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36.5
|
64.8
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6.0
|
58.8
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73.1
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5.6
|
67.5
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B. Capital Account and Financial Account
|
317.4
|
296.1
|
21.3
|
384.2
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372.7
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11.5
|
580.2
|
555.2
|
25.0
|
673.5
|
658.6
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14.9
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of which:
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|
|
|
|
|
|
|
|
|
|
|
|
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1. Direct Investment
|
21.1
|
24.0
|
-2.8
|
25.9
|
23.1
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2.9
|
45.1
|
41.7
|
3.4
|
53.2
|
45.4
|
7.7
|
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2. Portfolio Investment
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182.1
|
162.3
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19.9
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135.6
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141.3
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-5.7
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342.0
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321.2
|
20.8
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281.9
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286.1
|
-4.1
|
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3. Other Investments
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107.6
|
79.2
|
28.4
|
205.7
|
198.5
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7.2
|
180.4
|
146.7
|
33.7
|
315.8
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301.6
|
14.2
|
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of which:
|
|
|
|
|
|
|
|
|
|
|
|
|
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NRI Deposits
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28.9
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22.8
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6.2
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23.3
|
20.9
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2.5
|
52.3
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42.2
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10.2
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47.1
|
41.0
|
6.1
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ECBs to India
|
12.4
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7.5
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5.0
|
6.9
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5.3
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1.6
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20.9
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14.3
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6.6
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17.7
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12.4
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5.3
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4. Reserve Assets
[Increase (-)/ Decrease (+)]
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0.0
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18.6
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-18.6
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10.9
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0.0
|
10.9
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0.0
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23.8
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-23.8
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10.9
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4.5
|
6.4
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C. Errors & Omissions (-) (A+B)
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0.0
|
0.4
|
-0.4
|
0.8
|
0.0
|
0.8
|
0.3
|
0.0
|
0.3
|
0.1
|
0.0
|
0.1
|
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PR: Partially Revised; and P: Preliminary.
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Note: Total of sub-components may not tally with aggregate due to rounding off.
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(Brij Raj)
Chief General Manager
Press Release: 2025-2026/1598
1 The current account deficit for Q2:2024-25 has been revised upwards from US$ 16.8 billion (1.8 per cent of GDP) to US$ 20.8 billion (2.2 per cent of GDP) due to downward revision of exports in Customs data. In Q1:2025-26, the current account deficit stood at US$ 2.7 billion (0.3 per cent of GDP).
2 For longer time series data, please see: CIMS DBIE (rbi.org.in) › Statistics › External Sector › International Trade › Quarterly/Yearly.
3 Net invisibles receipts comprise services, primary income and secondary income accounts.
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IST,
