No. 43 : India’s Overall Balance of Payments

(US $ million)

Items

2007-08 P

2006-07 PR

Credit

Debit

Net

Credit

Debit

Net

1

2

3

4

5

6

7

A.

CURRENT ACCOUNT

I.

MERCHANDISE

158,461

248,521

-90,060

128,083

191,254

-63,171

II.

INVISIBLES (a+b+c)

145,257

72,600

72,657

115,074

61,669

53,405

a)

Services

87,687

50,137

37,550

76,181

44,371

31,810

i)

Travel

11,349

9,231

2,118

9,123

6,685

2,438

ii)

Transportation

9,503

11,610

-2,107

8,050

8,068

-18

iii)

Insurance

1,585

1,042

543

1,202

642

560

iv)

G.n.i.e.

331

382

-51

250

403

-153

v)

Miscellaneous

64,919

27,872

37,047

57,556

28,573

28,983

of which

Software Services

40,300

3,249

37,051

31,300

2,267

29,033

Business Services

16,624

16,668

-44

19,266

17,093

2,173

Financial Services

3,085

2,847

238

2,913

2,087

826

Communication Services

2,436

837

1,599

2,099

659

1,440

b)

Transfers

43,343

2,326

41,017

29,589

1,421

28,168

i)

Official

754

515

239

638

411

227

ii)

Private

42,589

1,811

40,778

28,951

1,010

27,941

c)

Income

14,227

20,137

-5,910

9,304

15,877

-6,573

i)

Investment Income

13,799

19,038

-5,239

8,908

14,926

-6,018

ii)

Compensation of Employees

428

1,099

-671

396

951

-555

Total Current Account (I+II)

303,718

321,121

-17,403

243,157

252,923

-9,766

B.

CAPITAL ACCOUNT

1.

Foreign Investment (a+b)

270,554

225,748

44,806

132,581

117,040

15,541

a)

Foreign Direct Investment (i+ii)

34,924

19,379

15,545

22,959

14,480

8,479

i.

In India

32,453

126

32,327

22,078

87

21,991

Equity

25,242

109

25,133

16,481

87

16,394

Reinvested Earnings

6,884

–

6,884

5,091

–

5,091

Other Capital

327

17

310

506

–

506

ii.

Abroad

2,471

19,253

-16,782

881

14,393

-13,512

Equity

2,471

14,956

-12,485

881

12,168

-11,287

Reinvested Earnings

–

1,084

-1,084

–

1,076

-1,076

Other Capital

–

3,213

-3,213

–

1,149

-1,149

b)

Portfolio Investment

235,630

206,369

29,261

109,622

102,560

7,062

In India

235,390

206,294

29,096

109,534

102,530

7,004

Abroad

240

75

165

88

30

58

2.

Loans (a+b+c)

83,503

41,541

41,962

54,728

30,194

24,534

a)

External Assistance

4,241

2,127

2,114

3,763

1,996

1,767

i)

By India

24

28

-4

16

36

-20

ii)

To India

4,217

2,099

2,118

3,747

1,960

1,787

b)

Commercial Borrowings (MT&LT)

29,851

7,686

22,165

20,973

4,818

16,155

i)

By India

1,551

1,567

-16

648

950

-302

ii)

To India

28,300

6,119

22,181

20,325

3,868

16,457

c)

Short Term to India

49,411

31,728

17,683

29,992

23,380

6,612

i)

Suppliers’ Credit >180 days & Buyers’ Credit

42,641

31,728

10,913

25,482

22,175

3,307

ii)

Suppliers’ Credit up to180 days

6,770

–

6,770

4,510

1,205

3,305

3.

Banking Capital (a+b)

55,733

43,976

11,757

37,209

35,296

1,913

a)

Commercial Banks

55,654

43,544

12,110

36,799

35,218

1,581

i)

Assets

19,562

12,668

6,894

14,466

17,960

-3,494

ii)

Liabilities

36,092

30,876

5,216

22,333

17,258

5,075

of which: Non-Resident Deposits

29,321

29,142

179

19,914

15,593

4,321

b)

Others

79

432

-353

410

78

332

4.

Rupee Debt Service

–

121

-121

–

162

-162

5.

Other Capital

18,950

9,323

9,627

7,724

3,771

3,953

Total Capital Account (1to5)

428,740

320,709

108,031

232,242

186,463

45,779

C.

Errors & Omissions

1,536

–

1,536

593

–

593

D.

Overall Balance(Total Capital Account,

733,994

641,830

92,164

475,992

439,386

36,606

Current Account and Errors & Omissions (A+B+C))

E.

Monetary Movements (i+ii)

–

92,164

-92,164

–

36,606

-36,606

i)

I.M.F.

–

–

–

–

–

–

ii)

Foreign Exchange Reserves ( Increase - / Decrease +)

–

92,164

-92,164

–

36,606

-36,606

P: Preliminary PR : Partially Revised. R. : Revised. Also see ‘Notes on Tables’.

No. 43: India’s Overall Balance of Payments (Contd.)

(US $ million)

Items

Apr.-Jun. 2008 P

Apr.-Jun. 2007 PR

Credit

Debit

Net

Credit

Debit

Net

1

8

9

10

11

12

13

A.

CURRENT ACCOUNT

I.

MERCHANDISE

43,703

75,277

-31,574

35,752

56,453

-20,701

II.

INVISIBLES (a+b+c)

37,730

16,880

20,850

29,100

14,700

14,400

a)

Services

21,969

11,508

10,461

18,824

10,095

8,729

i)

Travel

2,504

2,159

345

2,088

1,881

207

ii)

Transportation

2,435

3,316

-881

1,905

2,492

-587

iii)

Insurance

338

224

114

369

184

185

iv)

G.n.i.e.

130

111

19

96

112

-16

v)

Miscellaneous

16,562

5,698

10,864

14,366

5,426

8,940

of which

Software Services

10,656

857

9,799

8,836

796

8,040

Business Services

4,072

3,224

848

3,980

3,194

786

Financial Services

745

627

118

630

613

17

Communication Services

594

226

368

513

200

313

b)

Transfers

12,188

666

11,522

7,951

433

7,518

i)

Official

151

121

30

153

166

-13

ii)

Private

12,037

545

11,492

7,798

267

7,531

c)

Income

3,573

4,706

-1,133

2,325

4,172

-1,847

i)

Investment Income

3,418

4,376

-958

2,255

3,974

-1,719

ii)

Compensation of Employees

155

330

-175

70

198

-128

Total Current Account (I+II)

81,433

92,157

-10,724

64,852

71,153

-6,301

B.

CAPITAL ACCOUNT

1.

Foreign Investment (a+b)

53,161

47,252

5,909

42,437

32,321

10,116

a)

Foreign Direct Investment (i+ii)

12,397

2,280

10,117

7,757

5,099

2,658

i.

In India

12,158

22

12,136

7,000

21

6,979

Equity

10,240

22

10,218

5,168

21

5,147

Reinvested Earnings

1,721

–

1,721

1,721

–

1,721

Other Capital

197

–

197

111

–

111

ii.

Abroad

239

2,258

-2,019

757

5,078

-4,321

Equity

239

1,536

-1,297

757

4,381

-3,624

Reinvested Earnings

–

271

-271

–

271

-271

Other Capital

–

451

-451

–

426

-426

b)

Portfolio Investment

40,764

44,972

-4,208

34,680

27,222

7,458

In India

40,745

44,923

-4,178

34,621

27,216

7,405

Abroad

19

49

-30

59

6

53

2.

Loans (a+b+c)

13,643

9,560

4,083

16,573

7,538

9,035

a)

External Assistance

909

558

351

732

491

241

i)

By India

6

8

-2

6

7

-1

ii)

To India

903

550

353

726

484

242

b)

Commercial Borrowings (MT&LT)

2,782

1,223

1,559

8,273

1,283

6,990

i)

By India

405

193

212

355

290

65

ii)

To India

2,377

1,030

1,347

7,918

993

6,925

c)

Short Term to India

9,952

7,779

2,173

7,568

5,764

1,804

i)

Suppliers’ Credit >180 days & Buyers’ Credit

9,256

7,779

1,477

6,883

5,764

1,119

ii)

Suppliers’ Credit up to180 days

696

–

696

685

–

685

3.

Banking Capital (a+b)

19,025

16,290

2,735

8,551

9,470

-919

a)

Commercial Banks

19,025

16,179

2,846

8,551

9,464

-913

i)

Assets

8,533

7,608

925

2,543

2,861

-318

ii)

Liabilities

10,492

8,571

1,921

6,008

6,603

-595

of which: Non-Resident Deposits

9,061

8,248

813

5,243

5,690

-447

b)

Others

–

111

-111

–

6

-6

4.

Rupee Debt Service

–

30

-30

–

43

-43

5.

Other Capital

2,585

2,067

518

987

1,830

-843

Total Capital Account (1to5)

88,414

75,199

13,215

68,548

51,202

17,346

C.

Errors & Omissions

–

256

-256

155

–

155

D.

Overall Balance(Total Capital Account,

169,847

167,612

2,235

133,555

122,355

11,200

Current Account and Errors & Omissions (A+B+C))

E.

Monetary Movements (i+ii)

–

2,235

-2,235

–

11,200

-11,200

i)

I.M.F.

–

–

–

–

–

–

ii)

Foreign Exchange Reserves ( Increase - / Decrease +)

–

2,235

-2,235

–

11,200

-11,200