Developments in India’s Balance of Payments during First Quarter (April-June) of 2011-12

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Published on November 11, 2011

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Developments in India’s Balance of Payments during First Quarter (April-June) of 2011-12

Developments in India's Balance of Payments during First Quarter (April-June) of 2011-12*

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 2011-12 on the basis of new format of BoP_¹.

In addition, the disaggregated data on invisibles for April-June 2011, and for the earlier quarters of the previous year are also published as part of this article (Attachment I).

Major Highlights of BoP during April-June (Q1) of 2011-12

During Q1 of 2011-12, a rise in trade deficit, despite sharper increase in exports than imports and increase in net export of services, led to widening of current account deficit (CAD) as compared with Q1 of the previous year.

(i) On a BoP basis, goods exports recorded a growth of 47.1 per cent while imports registered a growth of 33.2 per cent during Q1 of 2011-12.

(ii) The trade deficit on BoP basis, in absolute terms, amounted to US$ 35.4 billion, which was higher than the corresponding quarter of the previous year (US$ 32.3 billion).

(iii) Net exports of services recorded a growth of 19.1 per cent during Q1 of 2011-12 over Q1 of 2010-11 mainly due to higher growth in receipts led by ‘transportation’, ‘telecommunication, computer and information services’ and ‘other business services’.

(iv) While net secondary income (private transfers) receipts remained buoyant at US$ 13.7 billion, primary income account (investment income) continued to show a net outflow.

(v) Consequently, the CAD at US$ 14.1 billion was higher in Q1 of 2011-12 than the corresponding quarter of the previous year.

(vi) Financial account witnessed a surge primarily on account of foreign direct investment and other investment led by loans.

(vii) There was a net accretion to foreign exchange reserves of US$ 5.4 billion during Q1 of 2011-12 (excluding valuation).

1. Balance of Payments for April-June (Q1) of 2011-12

The developments in the major items of the BoP for the first quarter (Q1) of 2011-12 are set out below in Table 1.

Goods Trade

During Q1 of 2011-12, while growth in goods exports was higher than growth in imports, trade deficit in absolute terms widened.

On a BoP basis, India’s goods exports, recorded a growth of 47.1 per cent during Q1 of 2011-12 as compared with 40.4 per cent recorded during Q1 of previous year. While goods imports registered a growth of 33.2 per cent in Q1 of 2011- 12 which was same in the corresponding quarter of 2010-11.
According to the data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), oil imports and non-oil imports recorded growth of 18.1 per cent and 44.7 per cent, respectively, during Q1 of 2011-12. Oil imports accounted for about 27.6 per cent of total imports during Q1 of 2011-12 (31.8 per cent in Q1 of 2010-11) (Chart 1).

Table 1: Major Items of India’s Balance of Payments
(US$ billion)
Item		April-June 2011(P)			April-June 2010(PR)			January-March 2011(P)
		Exports	Imports	Net	Exports	Imports	Net	Exports	Imports	Net
		1	2	3	4	5	6
A.	Current Account (1+2+3+4)	127.9	142.0	-14.1	97.9	109.9	-12.0	129.3	134.7	-5.4
	1. Goods	80.7	116.1	-35.4	54.9	87.2	-32.3	77.4	107.1	-29.7
	2. Services	30.6	18.7	11.9	26.5	16.4	10.0	35.2	20.8	14.4
	3. Primary Income	2.2	6.5	-4.3	2.9	5.7	-2.9	2.2	6.0	-3.9
	4. Secondary Income	14.4	0.7	13.7	13.7	0.6	13.1	14.6	0.7	13.8
B.	Capital Account	0.0	0.3	-0.3	0.1	0.1	-0.1	0.1	0.2	0.0
C.	Financial Account	127.3	111.6	15.7	94.5	81.5	13.0	115.7	109.5	6.2
D.	Errors & Omissions-(A+B+C)			-1.3			-0.9			-0.8
Changes in Reserve Assets are included under the Financial Account as recommended by the BPM 6. Note: Total of subcomponents may not tally with aggregate due to rounding off. P: Preliminary, PR: Partially Revised.

Trade Deficit

Notwithstanding higher growth in exports relative to imports, the trade deficit, on a BoP basis, widened to US$ 35.4 billion in Q1 of 2011-12 (US$ 32.3 billion during Q1 of 2010-11) with larger absolute increase in imports relative to exports. (Chart 2).

Services

Services receipts and payments were lower as compared to the preceding quarter though they grew moderately over the corresponding quarter of the previous year.

Services exports, on Y-o-Y basis, increased by 15.7 per cent whereas services imports were higher by 13.7 per cent; net services exports grew by 19.1 per cent as against a decline of 16.1 per cent in the corresponding quarter of the previous year.
Increase in services exports were largely on account of higher receipts under transport, computer and business services.
Computer services receipts at US$ 14.5 billion during April-June 2011 showed a moderation in growth to 10.6 per cent as compared to a growth of 19.2 per cent recorded a year ago.
Increase in import of services was spread across almost all the major sub-categories including transport, travel, computer and other business services.
On a net basis, services increased to US$ 11.9 billion from US$ 10.0 billion in the preceding year.

Income

There has been rise in net secondary income but it was partly offset by net outflow on account of primary income.

Primary Income

Primary income mainly comprising compensation of employees and investment income, worsened during the quarter mainly on account of widening of deficit under investment income account.

Investment income receipts, which largely include earnings on foreign currency assets, on Y-o-Y basis, recorded a steeper decline of 28.4 per cent as compared with a moderate decline of 3.5 per cent recorded during the corresponding quarter of the previous year.
Investment income payments that comprise mainly interest payments under loans and NRI deposits and reinvested earnings of FDI companies in India, continued to be sizeable and stood higher by 17.3 per cent as compared with 8.6 per cent during the same period a year ago. As a result, deficit in the investment income account widened to US$ 4.2 billion in the April-June 2011 (US$ (-) 2.6 billion a year ago).
Net receipts on account of compensation of employees also remained in deficit during Q1 of 2011-12, though, it narrowed down to US$ 0.1 billion.

Secondary Income

Net receipts under secondary income that primarily comprise personal transfers and other current transfers, grew by 4.6 per cent (Y-o-Y basis) to US$ 13.7 billion (US$ 13.1 billion in Q1 of 2010- 11) (Table 2).

Table 2: Disaggregated Items of Current Account
(US$ billion)
Item		April- June 2010 PR	July- September 2010 PR	October- December 2010 PR	January- March 2011 P	April- June 2011 P
Item		1	2	3	4	5
1.	Goods	-32.3	-37.3	-31.4	-29.7	-35.4
2.	Services	10.0	11.7	11.8	14.4	11.9
	2.a Transportations	0.0	-0.3	-0.3	0.9	0.1
	2.b Travel	0.6	0.6	1.5	1.3	0.1
	2.c Construction	-0.2	0.0	-0.1	-0.2	0.04
	2.d Insurance and pension services	0.1	0.1	0.1	0.3	0.2
	2.e Financial Services	-0.2	-0.1	-0.3	-0.4	-0.5
	2.f Charges for the use of intellectual property	-0.5	-0.5	-0.7	-0.5	-0.7
	2.g Telecommunications, computer and information services	12.6	12.8	15.3	16.6	14.0
	2.h Personal, cultural and recreational services	0.0	0.0	-0.2	-0.1	0.0
	2.i Government goods & services	0.0	-0.1	0.0	-0.1	-0.1
	2. j Other Business services	-0.7	-1.1	-1.0	-0.9	-1.1
	2.k Others n.i.e	-1.7	0.2	-2.6	-2.5	-0.2
3.	Primary Income	-2.9	-4.2	-4.0	-3.9	-4.3
	3.a Compensation of Employee	-0.3	-0.2	-0.3	-0.2	-0.1
	3.b Investment Income	-2.6	-4.0	-3.7	-3.6	-4.2
4.	Secondary Income	13.1	13.0	13.4	13.8	13.7
	4.a Personal Transfers	12.7	12.6	13.0	13.3	13.2
	4.b. Other Transfers	0.4	0.4	0.4	0.5	0.5
5.	Current Account (1+2+3+4)	-12.0	-16.8	-10.1	-5.4	-14.1
P: Preliminary. PR: Partially Revised.

Table 3: Inflows and Outflows from NRI Deposits and Local Withdrawals
(US$ billion)
Year	Inflows	Outflows	Local Withdrawals
Year	1	2	3
2009-10 (PR)	41.4	38.4	23.6
2010-11 (P)	49.3	46.0	26.4
April-June 2010 (PR)	11.3	10.1	6.3
April-June 2011 (P)	12.5	11.3	6.4
P: Preliminary. PR: Partially Revised.

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 2011-12 in Q1, the share of local withdrawals in total outflows from NRI deposits at 56.7 per cent has been lower compared to that in the same period of previous year (Table 3).
Under personal transfers, the inward remittances for family maintenance accounted for 51.1 per cent of the total personal transfer receipts, while local withdrawals accounted for 44.6 per cent during April-June 2011 (Table 4).

Current Account Deficit

During the period, despite improvement in net services and secondary income, higher trade deficit coupled with deterioration in the primary income led to increase in absolute size of current account deficit. However, as a proportion of GDP, CAD remained at the previous year’s level during the quarter.

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	Percent- tage Share in Total	Amount	Percen- tage Share in Total
	1	2	3	4	5
2009-10 (PR)	53.9	28.4	52.7	23.6	43.8
2010-11 (P)	55.9	27.4	49.0	26.4	47.2
April-June 2010 (PR)	13.7	6.9	50.4	6.3	46.1
April-June 2011 (P)	14.4	7.4	51.1	6.4	44.6
P: Preliminary. PR: Partially Revised.

Accordingly, the CAD stood at US$ 14.1 billion in Q1 of 2011-12 as compared to US$ 5.4 billion in the preceding quarter and US$ 12.0 in Q1 of 2010- 11. At this level, during the quarter CAD turned out to be 3.1 per cent of GDP as in Q1 of 2010-11 (Chart 3).

Capital Account

The capital account, which includes official transfers and purchase/sale of intangible assets like patents, copyrights, trademarks etc., recorded a deficit of US$ 0.3 billion during April-March 2011 mainly on account of acquisitions of intangible assets.

Financial Account

Gross inflows and outflows under financial account increased during April-June 2011 as compared with that in the same period a year ago.

The gross financial inflows to India amounted to US $ 127.3 billion during Q1 of 2011-12 (US$ 94.5 billion a year ago) and similarly gross financial outflows during the period were higher at US$ 111.6 billion (US$ 81.5 billion a year ago).
Rise in gross flows, on the receipt side was largely driven by FDI, portfolio investment, non-NRI banking capital and ECBs and similarly, on the payment side by portfolio investment, trade credit, ECB and non-NRI banking capital.

On net basis, the rise in size of overall financial account during the quarter was mainly on account of FDI and other investments led by loans particularly banking capital.
Net financial inflows increased to US$ 15.7 billion during Q1 of 2011-12 (US$ 13.0 billion during Q1 in previous year). Of this, net FDI inflows to India (inward FDI minus outward FDI) increased to US$ 7.2 billion during Q1 of 2011-12 as compared to US$ 2.9 billion in Q1 of 2010-11 (Table 5).
Sector wise, the increase in gross FDI to India (i.e., inward FDI) during April-June 2011 was on account of higher FDI inflows almost in all sectors led by manufacture, financial, business and communication services (Table 7).
Country wise, investment routed through Mauritius remained the largest component of gross FDI inflows to India in the first quarter of 2011-12, followed by the UK and Singapore (Table 8).
Gross outward FDI flows increased significantly during Q1 of 2011-12 mainly on account of higher outflows under other capital (inter-company borrowing). In terms of sectors, there has been significant increase in outward FDI in the areas of ‘agriculture, hunting, forestry and fishing’ which accounted for more than one third of the total outward FDI during April-June 2011 (Table 7).
Direction wise (i.e., in terms of recipient countries), investment going to Panama constituted the largest component of gross outward FDI during the period, followed by Singapore and Mauritius (Table 8).
Despite higher level of outward FDI, the net FDI to India stood considerably higher at US$ 7.2 billion during Q1 of 2011-12 (US$ 2.9 billion a year ago), reflecting strong revival of inward FDI to India during Q1 of 2011-12 as compared with the same period a year ago.
During April-June 2011, the actual outward FDI in joint ventures (JVs) and wholly owned subsidiaries (WOSs) at US$ 5.6 billion was about two fold of the size of investment made during the previous year. During Q1 of 2011-12, investment financed through equity declined by 20.5 per cent whereas the loan component registered a rise of more than two and a half times over that in the corresponding period a year ago. Accordingly, the share of equity in total outward FDI fell to about 25.6 per cent as compared to 60.7 per cent in the preceding year (Table 9).
Net inflows under portfolio investment during April-June 2011 at US$ 2.3 billion was lower than the corresponding period a year ago.
Net loans availed by commercial banks were significantly higher at US$ 11.5 billion as compared to US$ 2.9 billion in Q1 of 2010-11 mainly due to drawdown of their foreign currency assets held abroad as well as rise in overseas borrowings.
Net loans availed by non-Government and nonbanking sectors (net ECBs) stood higher at US$ 2.9 billion as compared with US$ 2.3 billion in Q1 of 2010-11. Net inflows under short-term trade credit, however, moderated to US$ 3.1 billion in Q1 of 2011-12 as compared to US$ 4.3 billion in Q1 of 2010-11.
‘Other receivables/ payables’ that include 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 higher net outflow of US$ 7.7 billion during April-June 2011 as compared with a net outflow of US$ 3.8 billion in the preceding year (Table 10). ‘Leads & lags in exports’ also include trade credit extended by Indian exporters to non-residents.

Table 5: Disaggregated Items of Financial Account
(US$ billion)
Item	Apr-Jun 2010 PR	Jul-Sep 2010 PR	Oct-Dec 2010 PR	Jan-Mar 2011 P	Apr-Jun 2011 P
Item	1	2	3	4	5
1. Direct Investment (net)	2.9	3.0	0.6	0.6	7.2
1.a Direct Investment to India	6.1	6.9	5.5	4.9	12.9
1.b Direct Investment by India	-3.2	-3.9	-4.9	-4.3	-5.7
2. Portfolio Investment	3.5	18.7	6.1	0.0	2.3
2.a Portfolio Investment in India	3.5	18.8	7.2	0.0	2.5
2.b Portfolio Investment by India	0.0	-0.1	-1.1	0.0	-0.2
3. Other investment	10.3	-0.3	6.5	7.7	11.7
3.a Other equity (ADRs/GDRs)	1.1	0.5	0.2	0.2	0.3
3.b Currency and deposits	1.1	0.4	0.3	2.0	1.2
Deposit-taking corporations, except the central bank (NRI Deposits)	1.1	1.0	0.2	0.9	1.2
3.c Loans*	7.6	0.4	9.6	0.4	14.8
3.c.i Loans to India	7.6	0.7	9.3	0.1	14.8
Deposit-taking corporations, except the central bank	2.9	-3.6	4.6	-2.7	11.5
General government (External Assistance)	2.5	0.6	1.2	0.8	0.4
Other sectors (External Commercial Borrowings)	2.3	3.7	3.5	2.1	2.9
3.c.ii Loans by India	-0.1	-0.3	0.3	0.3	0.0
General government (External Assistance)	0.0	0.0	0.0	0.0	0.0
Other sectors (External Commercial Borrowings)	-0.1	-0.3	0.3	0.3	0.0
3.d Trade credit and advances	4.3	2.6	1.3	2.7	3.1
3.e Other accounts receivable/payable	-3.8	-4.3	-4.9	2.4	-7.7
4. Reserve assets	-3.7	-3.3	-4.0	-2.0	-5.4
Financial Account (1+2+3+4)	13.0	18.1	9.3	6.2	15.7
*: includes External Assistance, ECBs and Banking Capital. P: Preliminary. PR: Partially Revised.

Table 7: Sector-wise FDI: Inflows and Outflows
(US$ billion)
Gross FDI inflows to India#				Gross FDI outflows from India*
Industry	2010-11	2010-11	2011-12	Industry	2010-11	2010-11	2011-12
Industry		Apr-Jun		Industry		Apr-Jun
1	2	3	4	5	6	7	8
Manufacture	4.8	1.2	4.6	Agriculture , Hunting, Forestry and Fishing	1.2	0.1	1.9
Financial Services	1.4	0.5	1.3	Financial, Insurance, Real Estate and Business Services	6.5	0.7	1.2
Communication Services	1.2	0.8	1.2	Manufacturing	5.0	1.3	1.0
Business Services	0.6	0.1	0.9	Transport, Storage and Communication Services	0.7	0.2	0.8
Electricity and others	1.3	0.4	0.7	Wholesale, Retail Trade, Restaurants and Hotels	1.9	0.2	0.3
Construction	1.6	0.4	0.5	Construction	0.4	0.1	0.1
Restaurants and Hotels	0.2	0.0	0.3	Electricity, Gas and Water	0.1	0.0	0.1
Computer Services	0.8	0.3	0.3	Community, Social and Personal Services	0.7	0.2	0.0
Others	2.8	1.1	1.1	Miscellaneous	0.2	0.2	0.0
Total	14.9	4.7	10.8	Total	16.6	2.9	5.6
#: 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 8: Country-wise FDI: Inflows and Outflows
(US$ billion)
Gross FDI inflows to India#				Gross FDI outflows from India*
Country	Apr-Mar	Apr-Jun		Country	Apr-Mar	Apr-Jun
Country	2010-11	2010-11	2011-12	Country	2009-10	2010-11	2011-12
1	2	3	4	5	6	7	8
Mauritius	5.6	1.7	3.8	1. Panama	0.0	0.0	1.8
UK	0.5	0.2	2.5	2. Singapore	4.0	0.6	1.2
Singapore	1.5	0.9	2.2	3. Mauritius	5.0	0.9	0.9
Japan	1.3	0.2	0.4	4. Netherlands	1.5	0.2	0.4
Netherlands	1.4	0.3	0.4	5. USA	1.2	0.4	0.3
France	0.5	0.0	0.3	6. UAE	0.8	0.2	0.2
U.S.A	1.1	0.3	0.3	7. British Virgin Islands	0.3	0.1	0.1
Cyprus	0.6	0.1	0.2	8. UK	0.4	0.0	0.1
Germany	0.2	0.0	0.1	9. Sri Lanka	0.0	0.0	0.1
Italy	0.1	0.0	0.1	10. Canada	0.0	0.0	0.1
Others	2.1	1.0	0.5	11. Others	3.3	0.5	0.4
Total	14.9	4.7	10.8	Total	16.6	2.9	5.6
#: 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 9: India’s Outward FDI
(US$ billion)
Period	Equity*	Loan	Guarantee Invoked	Total
Period	1	2	3	4
April-June 2011-12	1.4	4.1	0	5.6
	(25.6)	(74.4)	(0.0)
April-June 2010-11	1.8	1.2	0	2.9
	(60.7)	(39.3)	(0.0)
2010-2011	9.1	7.5	0.01	16.6
	(55.1)	(44.9)	(0.1)
2009-2010	8.8	4.0	0.02	12.8
	(66.8)	(33.0)	(0.2)
2008-2009	14.0	3.1	0	17.1
	(72.9)	(27.1)	(0.0)
*: 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.

Reserve Variation

There was a net accretion to foreign exchange reserves of US$ 5.4 billion during Q1 of 2011-12. In nominal terms (i.e., including valuation changes), foreign exchange reserves increased by US$ 10.9 billion during the quarter reflecting depreciation of US dollar against major international currencies during the quarter.
At the end of June 2011, the level of foreign exchange reserves stood at US$ 315.7 billion.

Table 10: Details of ‘Other Receivables / Payables’ (Net)
(US$ billion)
Item	April-March		April-June
	2009-10 (PR)	2010-11 (P)	2010-11 (PR)	2011-12 (P)
	1	2	3	4
Leads and Lags in Exports	-4.7	-10.0	-4.3	-6.4
Net Funds Held Abroad	-6.9	-4.0	-0.8	-0.6
Advances Received Pending Issue of Shares under FDI	3.1	6.9	-0.8	-0.03
SDR Allocation	5.2	-	-	-
Other capital not included elsewhere#	-9.7	-3.3	2.1	-0.8
Total (1 to 5)	-13.0	-10.5	-3.8	-7.8
#: Inclusive of derivatives and hedging, migrant transfers and other capital transfers. P: Preliminary. PR: Partially Revised. -: Nil/NA.

Table 11: DGCI&S and the BoP Imports Data
(US$ billion)
Item	April-March	April-June
	2010-11 P	2010-11	2011-12
	1	2	3
BoP Imports	380.9	87.2	116.1
DGCI&S Imports	369.8	90.1	110.6
Difference (1-2)	10.2	(-)2.9	5.5

Difference in DGCI&S and Balance of Payments Imports

During April-June 2011, as per the records of the DGCI&S imports (based on customs data) and the BoP merchandise imports (based on banking channel data), the difference between the two data sets works out to about US$ 5.5 billion (Table 11).

Statement I: Standard Presentation of BoP in India as per BPM6
(US$ million)
Item		April-June 2011 P			April-June 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
1	Current Account (1.A+1.B+1.C)	127,925	142,030	-14,105	97,873	109,891	-12,018
	1.A Goods and Services (1.A.a+1.A.b)	111,327	134,796	-23,469	81,322	103,592	-22,269
	1.A.a Goods (1.A.a.1 to 1.A.a.3)	80,708	116,121	-35,413	54,864	87,160	-32,296
	1.A.a.1 General merchandise on a BOP basis
	1.A.a.1.1 Re-exports	80,584	105,957	-25,373	55,301	80,757	-25,456
	1.A.a.2 Net exports of goods under merchanting	–	–	–	–	–	–
	1.A.a.2.1 Goods acquired under merchanting (negative credits)	–	–	–	–	–	–
	1.A.a.2.2 Goods sold under merchanting	124	–	124	-437	–	-437
	1.A.a.3 Nonmonetary gold	–	10,164	-10,164	–	6,403	-6,403
	1.A.b Services (1.A.b.1 to 1.A.b.13)	30,619	18,675	11,944	26,458	16,431	10,027
	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	4,218	4,089	129	3,144	3,146	-2
	1.A.b.3.1 Sea transport	1,813	2,615	-803	1,378	1,797	-419
	1.A.b.3.2 Air transport	667	1,215	-549	589	1,133	-544
	1.A.b.3.3 Other modes of transport	1,735	242	1,493	1,176	204	972
	1.A.b.3.4 Postal and courier services	4	16	-12	1	12	-11
	1.A.b.4 Travel	3,625	3,488	137	2,949	2,335	615
	1.A.b.4.1 Business	–	1,875	-1,875	–	883	-883
	1.A.b.4.2 Personal	–	1,613	-1,613	–	1,451	-1,451
	1.A.b.4.2.1 Health-related	–	10	-10	–	41	-41
	1.A.b.4.2.2 Education-related	–	330	-330	–	325	-325
	1.A.b.4.2.3 Other	–	1,273	-1,273	–	1,086	-1,086
	1.A.b.5 Construction	256	211	45	122	345	-223
	1.A.b.5.1 Construction abroad	256	123	133	122	200	-78
	1.A.b.5.2 Construction in the reporting economy	–	88	-88	–	146	-146
	1.A.b.6 Insurance and pension services	538	308	230	410	310	100
	1.A.b.6.1 Direct insurance	502	89	413	374	143	231
	1.A.b.6.2 Reinsurance	28	201	-173	29	147	-118
	1.A.b.6.3 Auxiliary insurance services	7	18	-11	7	20	-13
	1.A.b.6.4 Pension and standardized guarantee services	–	–	–	–	–	–
	1.A.b.7 Financial services	1,282	1,789	-507	1,228	1,404	-176
	1.A.b.7.1 Explicitly charged and other financial services	1,282	1,789	-507	1,228	1,404	-176
	1.A.b.7.2 Financial intermediation services indirectly measured	–	–	–	–	–	–
	1.A.b.8 Charges for the use of intellectual property n.i.e.	40	775	-735	35	566	-531
	1.A.b.9 Telecommunications, computer, and information services	14,890	912	13,978	13,520	880	12,640
	1.A.b.9.1 Telecommunications services	356	406	-50	324	230	94
	1.A.b.9.2 Computer services	14,504	309	14,195	13,114	575	12,539
	1.A.b.9.3 Information services	30	197	-167	83	75	7
	1.A.b.10 Other business services	5,093	6,172	-1,079	4,636	5,296	-660
	1.A.b.10.1 Research and development services	161	48	113	170	66	104
	1.A.b.10.2 Professional and management consulting services	2,463	2,625	-162	1,914	2,389	-475
	1.A.b.10.3 Technical, trade-related, and other business services	2,469	3,499	-1,030	2,553	2,841	-289
	1.A.b.11 Personal, cultural, and recreational services	88	110	-22	49	71	-21
	1.A.b.11.1 Audiovisual and related services	33	36	-2	22	36	-15
	1.A.b.11.2 Other personal, cultural, and recreational services	54	74	-19	28	35	-7
	1.A.b.12 Government goods and services n.i.e.	141	205	-64	94	143	-49
	1.A.b.13 Others n.i.e.	448	616	-168	270	1,936	-1,666
	1.B Primary Income (1.B.1to1.B.3)	2,179	6,522	-4,343	2,855	5,714	-2,859
	1.B.1 Compensation of employees	298	396	-99	227	494	-267
	1.B.2 Investment income	1,881	6,125	-4,244	2,628	5,220	-2,592
	1.B.2.1 Direct investment	1,066	6,062	-4,996	1,685	5,140	-3,455
	1.B.2.1.1 Income on equity and investment fund shares	703	3,706	-3,003	351	3,435	-3,084
	1.B.2.1.2 Interest	364	2,357	-1,993	1,335	1,705	-370
	1.B.2.2 Portfolio investment	–	–	–	–	–	–
	1.B.2.3 Other investment	–	56	-56	–	77	-77
	1.B.2.4 Reserve assets	815	7	807	943	4	939
	1.B.3 Other primary income	–	–	–	–	–	–
	1.C Secondary Income (1.C.1+1.C.2)	14,419	712	13,707	13,695	585	13,110
	1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs	14,419	712	13,707	13,695	585	13,110
	1.C.1.1 Personal transfers (Current transfers between resident and non-resident households)	13,803	588	13,215	13,219	486	12,733
	Of which:
	1.C.1.1.1 Workers’ remittances	7,372	588	6,784	6,900	486	6,414
	1.C.1.2 Other current transfers	616	124	492	476	100	377
2	Capital Account (2.1+2.2)	47	320	-273	69	144	-75
	2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets	2	174	-172	11	3	8
	2.2 Capital transfers	45	146	-101	59	141	-83
	2.2.1 General government	45	146	-101	59	141	-83
	2.2.1.1 Debt forgiveness	–	–	–	–	–	–
	2.2.1.2 Other capital transfers	45	146	-101	59	141	-83
	2.2.2 Financial corporations, nonfinancial corporations, households, and NPISHs	–	–	–	–	–	–

Statement I: Standard Presentation of BoP in India as per BPM6
(US$ million)
Item		April-June 2011 P			April-June 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
3	Financial Account (3.1 to 3.5)	127,303	111,634	15,669	94,467	81,453	13,014
	3.1 Direct Investment (3.1A+3.1B)	17,927	10,739	7,188	8,724	5,791	2,933
	3.1.A Direct Investment in India	17,522	4,641	12,881	8,430	2,302	6,128
	3.1.1 Equity and investment fund shares	16,064	4,308	11,756	8,347	2,278	6,069
	3.1.1.1 Equity other than reinvestment of earnings	13,660	4,308	9,352	5,991	2,278	3,713
	3.1.1.1.1 Direct investor in direct investment enterprises	13,660	4,308	9,352	5,991	2,278	3,713
	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	2,405	0	2,405	2,356	0	2,356
	3.1.2 Debt instruments	1,458	333	1,125	83	24	59
	3.1.2.1 Direct investor in direct investment enterprises	1,458	333	1,125	83	24	59
	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	404	6,098	-5,693	294	3,489	-3,195
	3.1.1 Equity and investment fund shares	404	1,964	-1,560	294	2,330	-2,036
	3.1.1.1 Equity other than reinvestment of earnings	404	1,693	-1,289	294	2,059	-1,765
	3.1.1.1.1 Direct investor in direct investment enterprises	404	1,693	-1,289	294	2,059	-1,765
	3.1.1.1.2 Direct investment enterprises in direct investor	–	–	–	–	–	–
	(reverse investment)	–	–	–	–	–	–
	3.1.1.1.3 Between fellow enterprises	–	271	-271	–	271	-271
	3.1.1.2 Reinvestment of earnings	–	4,133	-4,133	–	1,159	-1,159
	3.1.2 Debt instruments	–	4,133	-4,133	–	1,159	-1,159
	3.1.2.1 Direct investor in direct investment enterprises	–	–	–	–	–	–
	3.1.2.2 Direct investment enterprises in direct investor (reverse investment)
	3.1.2.3 Between fellow enterprises	–	–	–	–	–	–
	3.2 Portfolio Investment	48,423	46,160	2,264	42,952	39,461	3,491
	3.2A Portfolio Investment in India	48,329	45,857	2,472	42,858	39,320	3,538
	3.2.1 Equity and investment fund shares	33,320	31,652	1,668	32,352	27,763	4,589
	3.2.2 Debt securities	15,009	14,205	804	10,506	11,557	-1,051
	3.2.B Portfolio Investment by India	94	303	-208	94	141	-47
	3.3 Financial derivatives (other than reserves) and employee stock options	–	–	–	–	–	–
	3.4 Other investment	60,953	49,293	11,660	42,791	32,460	10,332
	3.4.1 Other equity (ADRs/GDRs)	278	–	278	1,114	–	1,114
	3.4.2 Currency and deposits	12,520	11,364	1,155	11,255	10,157	1,097
	3.4.2.1 Central bank (NRG)	31	27	5	2	24	-22
	3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits)	12,488	11,337	1,151	11,252	10,133	1,119
	3.4.2.3 General government	–	–	–	–	–	–
	3.4.2.4 Other sectors	–	–	–	–	–	–
	3.4.3 Loans (External Assistance, ECBs and Banking Capital)	23,754	8,928	14,826	13,131	5,547	7,584
	3.4.3.A Loans to India	23,397	8,586	14,812	12,927	5,279	7,648
	3.4.3.1 Central bank	–	–	–	–	–	–
	3.4.3.2 Deposit-taking corporations, except the central bank	16,248	4,739	11,509	5,491	2,586	2,905
	3.4.3.3 General government (External Assistance)	1,220	829	391	3,191	733	2,458
	3.4.3.4 Other sectors (External Commercial Borrowings)	5,930	3,017	2,912	4,245	1,960	2,284
	3.4.3.B Loans by India	357	343	14	204	268	-64
	3.4.3.1 Central bank	–	–	–	–	–	–
	3.4.3.2 Deposit-taking corporations, except the central bank	–	–	–	–	–	–
	3.4.3.3 General government	18	24	-6	19	25	-6
	3.4.3.4 Other sectors	339	319	21	185	243	-58
	3.4.4 Insurance, pension, and standardized guarantee schemes	–	–	–	–	–	–
	3.4.5 Trade credit and advances	24,165	21,096	3,069	15,825	11,506	4,319
	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	24,165	21,096	3,069	15,825	11,506	4,319
	3.4.6 Other accounts receivable/payable—other	236	7,904	-7,668	1,466	5,249	-3,782
	3.4.7 Special drawing rights	–	–	–	–	–	–
	3.5 Reserve assets	0	5,442	-5,442	0	3,741	-3,741
	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)	–	5,442	-5,442	–	3,741	-3,741
	3.5.4.1 Currency,deposits and securities	–	5,442	-5,442	–	3,741	-3,741
	3.5.4.2 Financial derivatives	–	–	–	–	–	–
	3.5.4.3 Other claims	–	–	–	–	–	–
3	Total assets/liabilities	127,303	111,634	15,669	94,467	81,453	13,014
	Of which: (by instrument):
	3.0.1 Equity and investment fund shares	49,883	38,227	11,656	41,087	32,512	8,575
	3.0.2 Debt instruments	16,467	18,672	-2,204	10,589	12,740	-2,151
	3.0.3 Other financial assets and liabilities	60,953	54,735	6,218	42,791	36,201	6,591
4	Net errors and omissions			-1,292			-921

Statement I: Standard Presentation of BoP in India as per BPM6 (Contd.)
(US$ million)
Item		July-September 2010 PR			Oct-Dec 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
1	Current Account (1.A+1.B+1.C)	98,444	115,247	-16,803	120,390	130,507	-10,118
	1.A Goods and Services (1.A.a+1.A.b)	82,958	108,569	-25,611	104,212	123,780	-19,568
	1.A.a Goods (1.A.a.1 to 1.A.a.3)	52,044	89,313	-37,269	65,987	97,362	-31,375
	1.A.a.1 General merchandise on a BOP basis	52,029	81,369	-29,340	65,898	89,461	-23,563
	1.A.a.1.1 Re-exports
	1.A.a.2 Net exports of goods under merchanting	15	–	15	89	–	89
	1.A.a.2.1 Goods acquired under merchanting (negative credits)
	1.A.a.2.2 Goods sold under merchanting
	1.A.a.3 Nonmonetary gold		7,944	-7,944		7,901	-7,901
	1.A.b Services (1.A.b.1 to 1.A.b.13)	30,914	19,255	11,658	38,225	26,418	11,807
	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	3,303	3,555	-252	3,717	3,992	-275
	1.A.b.3.1 Sea transport	1,640	2,055	-415	1,607	2,268	-661
	1.A.b.3.2 Air transport	541	1,164	-623	579	1,431	-852
	1.A.b.3.3 Other modes of transport	1,097	304	792	1,527	285	1,242
	1.A.b.3.4 Postal and courier services	26	31	-5	4	8	-4
	1.A.b.4 Travel	3,379	2,772	606	4,429	2,890	1,539
	1.A.b.4.1 Business	–	1032	-1,032	–	1284	-1,284
	1.A.b.4.2 Personal	–	1740	-1,740	–	1606	-1,606
	1.A.b.4.2.1 Health-related	–	6	-6	–	7	-7
	1.A.b.4.2.2 Education-related	–	664	-664	–	435	-435
	1.A.b.4.2.3 Other	–	1070	-1,070	–	1164	-1,164
	1.A.b.5 Construction	173	136	37	128	220	-91
	1.A.b.5.1 Construction abroad	173	77	97	128	117	11
	1.A.b.5.2 Construction in the reporting economy	–	59	-59	–	102	-102
	1.A.b.6 Insurance and pension services	442	386	56	507	403	104
	1.A.b.6.1 Direct insurance	405	178	228	463	131	332
	1.A.b.6.2 Reinsurance	29	192	-164	37	255	-218
	1.A.b.6.3 Auxiliary insurance services	8	16	-8	7	16	-10
	1.A.b.6.4 Pension and standardized guarantee services	–	–	–	–	–	–
	1.A.b.7 Financial services	1,819	1,905	-87	1,684	1,961	-276
	1.A.b.7.1 Explicitly charged and other financial services	1,819	1,905	-87	1,684	1,961	-276
	1.A.b.7.2 Financial intermediation services indirectly measured	–	–	–	–	–	–
	1.A.b.8 Charges for the use of intellectual property n.i.e.	27	560	-533	25	696	-671
	1.A.b.9 Telecommunications, computer, and information services	13,690	888	12,802	16,426	1,118	15,309
	1.A.b.9.1 Telecommunications services	392	235	157	421	296	125
	1.A.b.9.2 Computer services	13,191	585	12,605	15,684	709	14,975
	1.A.b.9.3 Information services	108	68	39	322	113	209
	1.A.b.10 Other business services	5,584	6,645	-1,061	6,754	7,772	-1,018
	1.A.b.10.1 Research and development services	286	51	235	224	79	145
	1.A.b.10.2 Professional and management consulting services	2,596	2,995	-399	3,131	3,408	-277
	1.A.b.10.3 Technical, trade-related, and other business services	2,702	3,599	897	3,399	4,285	-886
	1.A.b.11 Personal, cultural, and recreational services	56	105	-49	52	228	-176
	1.A.b.11.1 Audiovisual and related services	27	47	-20	30	39	-9
	1.A.b.11.2 Other personal, cultural, and recreational services	29	58	-29	22	190	-168
	1.A.b.12 Government goods and services n.i.e.	125	205	-80	150	195	-45
	1.A.b.13 Others n.i.e.	2,316	2,096	220	4,352	6,944	-2,592
	1.B Primary Income (1.B.1to1.B.3)	1,973	6,139	-4,165	2,096	6,082	-3,986
	1.B.1 Compensation of employees	247	445	-199	286	578	-293
	1.B.2 Investment income	1,726	5693	-3,967	1,811	5,504	-3,693
	1.B.2.1 Direct investment	511	5557	-5,045	898	5,430	-4,533
	1.B.2.1.1 Income on equity and investment fund shares	393	3,879	-3,486	723	3,722	-2,999
	1.B.2.1.2 Interest	119	1,678	-1,559	174	1,708	-1,534
	1.B.2.2 Portfolio investment	–	–	–	–	–	–
	1.B.2.3 Other investment	–	133	-133	–	68	-68
	1.B.2.4 Reserve assets	1,215	4	1211	913	5	908
	1.B.3 Other primary income	–	–	–	–	–	–
	1.C Secondary Income (1.C.1+1.C.2)	13,513	540	12,973	14,081	645	13,436
	1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs	13,513	540	12,973	14,081	645	13,436
	1.C.1.1 Personal transfers (Current transfers between resident and non-resident households)	13,051	443	12,608	13,573	540	13,033
	Of which:
	1.C.1.1.1 Workers’ remittances	5,999	443	5,556	7,227	540	6,687
	1.C.1.2 Other current transfers	462	97	365	508	105	403
2	Capital Account (2.1+2.2)	142	139	3	343	206	137
	2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets	1	2	-1	3	7	-5
	2.2 Capital transfers	141	137	4	341	199	141
	2.2.1 General government	141	137	4	341	199	141
	2.2.1.1 Debt forgiveness			–			–
	2.2.1.2 Other capital transfers	141	137	4	341	199	141
	2.2.2 Financial corporations, nonfinancial corporations, households, and NPISHs	–	–	–	–	–	–

Statement I: Standard Presentation of BoP in India as per BPM6 (Contd.)
(US$ million)
Item		July-September 2010 PR			Oct-Dec 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
3	Financial Account (3.1 to 3.5)	112,120	94,048	18,072	173,706	164,312	9,394
	3.1 Direct Investment (3.1A+3.1B)	8,532	5,531	3,002	8,787	8,159	628
	3.1.A Direct Investment in India	7,955	1,097	6,858	7,703	2,200	5,504
	3.1.1 Equity and investment fund shares	7,808	1,034	6,774	7,609	1,861	5,748
	3.1.1.1 Equity other than reinvestment of earnings	5,452	1,034	4,418	5,253	1,861	3,392
	3.1.1.1.1 Direct investor in direct investment enterprises	5,452	1,034	4,418	5,253	1,861	3,392
	3.1.1.1.2 Direct investment enterprises in direct investor	–	–	–	–	–	–
	(reverse investment)	–	–	–	–	–	–
	3.1.1.1.3 Between fellow enterprises	2356	0	2,356	2,356	0	2,356
	3.1.1.2 Reinvestment of earnings	147	63	84	95	339	-244
	3.1.2 Debt instruments	147	63	84	95	339	-244
	3.1.2.1 Direct investor in direct investment enterprises	–	–	–	–	–	–
	3.1.2.2 Direct investment enterprises in direct investor (reverse investment)	–	–	–	–	–	–
	3.1.2.3 Between fellow enterprises	578	4,434	-3,856	1,084	5,959	-4,876
	3.1.B Direct Investment by India	578	2,754	-2,176	1,084	3,536	-2,452
	3.1.1 Equity and investment fund shares	578	2,483	-1,905	1,084	3,265	-2,181
	3.1.1.1 Equity other than reinvestment of earnings	578	2,483	-1,905	1,084	3,265	-2,181
	3.1.1.1.1 Direct investor in direct investment enterprises	–	–	–	–	–	–
	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	–	271	-271	–	271	-271
	3.1.2 Debt instruments	0	1679	-1,679	0	2,423	-2,423
	3.1.2.1 Direct investor in direct investment enterprises	0	1679	-1,679	0	2,423	-2,423
	3.1.2.2 Direct investment enterprises in direct investor (reverse investment)	–	–	–	–	–	–
	3.1.2.3 Between fellow enterprises	–	–	–	–	–	–
	3.2 Portfolio Investment	58,764	40,065	18,699	1,01,562	95,496	6,066
	3.2A Portfolio Investment in India	58,614	39,854	18,759	1,01,423	94,265	7,158
	3.2.1 Equity and investment fund shares	36,346	18,256	18,090	84,647	62,916	21,731
	3.2.2 Debt securities	22,266	21596	670	16,776	31,348	-14,572
	3.2.B Portfolio Investment by India	151	211	-60	139	1,232	-1,092
	3.3 Financial derivatives (other than reserves) and employee stock options	–	–	–	–	–	–
	3.4 Other investment	44,824	45,163	-339	63,357	56,668	6,689
	3.4.1 Other equity (ADRs/GDRs)	492		492	233		233
	3.4.2 Currency and deposits	11,672	11,232	440	12,652	12,380	272
	3.4.2.1 Central bank (NRG)	–	604	-604	87	–	87
	3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits)	11,672	10,628	1,044	12,566	12,380	185
	3.4.2.3 General government	–	–	–	–	–	–
	3.4.2.4 Other sectors	–	–	–	–	–	–
	3.4.3 Loans (External Assistance, ECBs and Banking Capital)	12,543	12,120	423	28,711	19,087	9,623
	3.4.3.A Loans to India	12,227	11,539	688	28,122	18,840	9,283
	3.4.3.1 Central bank	–	–	–	–	–	–
	3.4.3.2 Deposit-taking corporations, except the central bank	5,320	8,923	-3,603	20,451	15,822	4,629
	3.4.3.3 General government (External Assistance)	1,252	662	590	1,916	756	1,160
	3.4.3.4 Other sectors (External Commercial Borrowings)	5,656	1,954	3,701	5,756	2,262	3,494
	3.4.3.B Loans by India	316	581	-265	589	248	341
	3.4.3.1 Central bank	–	–	–	–	–	–
	3.4.3.2 Deposit-taking corporations, except the central bank	–	–	–	–	–	–
	3.4.3.3 General government	19	25	-6	19	25	-6
	3.4.3.4 Other sectors	297	556	-259	570	222	347
	3.4.4 Insurance, pension, and standardized guarantee schemes	–	–	–	–	–	–
	3.4.5 Trade credit and advances	19,420	16,801	2,618	18,337	16,992	1,345
	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	19,420	16,801	2,618	18,337	16,992	1,345
	3.4.6 Other accounts receivable/payable—other	696	5,009	-4,313	3,424	8,209	-4,785
	3.4.7 Special drawing rights	–	–	–	–	–	–
	3.5 Reserve assets	–	3,289	-3,289	–	3,989	-3,989
	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)	–	3,289	-3,289	–	3,989	-3,989
	3.5.4.1 Currency,deposits and securities	–	3,289	-3,289	–	3,989	-3,989
	3.5.4.2 Financial derivatives	–	–	–	–	–	–
	3.5.4.3 Other claims	–	–	–	–	–	–
3	Total assets/liabilities	1,12,120	94,048	18,072	1,73,706	1,64,312	9,394
	Of which: (by instrument):
	3.0.1 Equity and investment fund shares	44,882	22,256	22,626	93,478	69,544	23,934
	3.0.2 Debt instruments	22,415	23,340	-925	16,871	34,111	-17,240
	3.0.3 Other financial assets and liabilities	44,824	48,452	-3,629	63,357	60,657	2,700
4	Net errors and omissions			-1,272			587

Statement I: Standard Presentation of BoP in India as per BPM6 (Contd.)
(US$ million)
Item		Jan-Mar 2011 P			Apr-Mar 2010-11 P
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
1	Current Account (1.A+1.B+1.C)	129,295	134,650	-5,355	446,002	490,296	-44,294
	1.A Goods and Services (1.A.a+1.A.b)	112,546	127,897	-15,351	381,038	463,837	-82,799
	1.A.a Goods (1.A.a.1 to 1.A.a.3)	77,395	107,100	-29,705	250,291	380,936	-130,645
	1.A.a.1 General merchandise on a BOP basis	77,240	95,393	-18,153	250,468	346,981	-96,512
	1.A.a.1.1 Re-exports	–	–	–	–	–	–
	1.A.a.2 Net exports of goods under merchanting	156	–	156	-178	–	-178
	1.A.a.2.1 Goods acquired under merchanting (negative credits)	–	–	–	–	–	–
	1.A.a.2.2 Goods sold under merchanting	–	–	–	–	–	–
	1.A.a.3 Nonmonetary gold	–	11,707	-11,707	–	33,955	-33,955
	1.A.b Services (1.A.b.1 to 1.A.b.13)	35,151	20,797	14,354	130,748	82,901	47,846
	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	4,166	3,254	912	14,330	13,947	383
	1.A.b.3.1 Sea transport	1,545	1,995	-450	6,170	8,116	-1,946
	1.A.b.3.2 Air transport	755	1,051	-296	2,465	4,780	-2,315
	1.A.b.3.3 Other modes of transport	1,844	192	1,652	5,643	984	4,659
	1.A.b.3.4 Postal and courier services	21	16	5	52	67	-15
	1.A.b.4 Travel	4,518	3,235	1,283	15,275	11,232	4,043
	1.A.b.4.1 Business	–	1,904	-1,904	–	5,103	-5,103
	1.A.b.4.2 Personal	–	1,331	-1,331	–	6,129	-6,129
	1.A.b.4.2.1 Health-related	–	5	-5	–	59	-59
	1.A.b.4.2.2 Education-related	–	468	-468	–	1,893	-1,893
	1.A.b.4.2.3 Other	–	858	-858	–	4,178	-4,178
	1.A.b.5 Construction	253	456	-203	677	1,157	-481
	1.A.b.5.1 Construction abroad	253	239	14	677	633	44
	1.A.b.5.2 Construction in the reporting economy	-	216	-216	-	524	-524
	1.A.b.6 Insurance and pension services	590	301	289	1,949	1,400	549
	1.A.b.6.1 Direct insurance	548	133	415	1,790	585	1,206
	1.A.b.6.2 Reinsurance	31	155	-124	127	750	-623
	1.A.b.6.3 Auxiliary insurance services	11	13	-3	32	65	-33
	1.A.b.6.4 Pension and standardized guarantee services	–	–	–	–	–	–
	1.A.b.7 Financial services	1,777	2,213	-436	6,508	7,483	-975
	1.A.b.7.1 Explicitly charged and other financial services	1,777	2,213	-436	6,508	7,483	975
	1.A.b.7.2 Financial intermediation services indirectly measured	–	–	–	–	–	–
	1.A.b.8 Charges for the use of intellectual property n.i.e.	106	602	-495	193	2,424	-2,231
	1.A.b.9 Telecommunications, computer, and information services	17,480	862	16,619	61,117	3,748	57,369
	1.A.b.9.1 Telecommunications services	376	325	51	1,512	1,085	427
	1.A.b.9.2 Computer services	17,012	326	16,686	59,000	2,194	56,805
	1.A.b.9.3 Information services	93	211	-118	605	468	137
	1.A.b.10 Other business services	5,848	6,754	-905	22,823	26,466	-3,643
	1.A.b.10.1 Research and development services	198	53	145	878	249	628
	1.A.b.10.2 Professional and management consulting services	2,985	3,199	-214	10,626	11,990	-1,365
	1.A.b.10.3 Technical, trade-related, and other business services	2,665	3,502	-836	11,319	14,227	-2,908
	1.A.b.11 Personal, cultural, and recreational services	70	139	-69	227	543	-316
	1.A.b.11.1 Audiovisual and related services	38	25	14	117	147	-30
	1.A.b.11.2 Other personal, cultural, and recreational services	31	114	-83	110	396	-287
	1.A.b.12 Government goods and services n.i.e.	165	277	-111	535	820	-285
	1.A.b.13 Others n.i.e.	176	2,705	-2,529	535	13,681	-6,567
	1.B Primary Income (1.B.1to1.B.3)	2,177	6,030	-3,853	9,102	23,965	-14,863
	1.B.1 Compensation of employees	357	563	-206	1,116	2,081	-965
	1.B.2 Investment income	1,820	5,467	-3,646	7,986	21,884	-13,898
	1.B.2.1 Direct investment	729	5,386	-4,657	3,824	21,513	-17,689
	1.B.2.1.1 Income on equity and investment fund shares	583	3,289	-2,707	2,049	14,325	-12,275
	1.B.2.1.2 Interest	147	2,097	-1,950	1,775	7,188	-5,414
	1.B.2.2 Portfolio investment	–	–	–	–	–	–
	1.B.2.3 Other investment	–	75	-75	–	353	-353
	1.B.2.4 Reserve assets	1,091	6	1,085	4,162	18	4,144
	1.B.3 Other primary income	–	–	–	–	–	–
	1.C Secondary Income (1.C.1+1.C.2)	14,572	723	13,848	55,861	2,494	53,368
	1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs	14,572	723	13,848	55,861	2,494	53,368
	1.C.1.1 Personal transfers (Current transfers between resident and non-resident households)	13,958	609	13,350	53,801	2,078	51,724
	Of which:
	1.C.1.1.1 Workers’ remittances	7,282	609	6,673	27,408	2,078	25,331
	1.C.1.2 Other current transfers	613	115	499	2,060	416	1,644
2	Capital Account (2.1+2.2)	131	155	-24	685	645	40
	2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets	24	2	22	38	14	25
	2.2 Capital transfers	107	154	-47	647	631	16
	2.2.1 General government	107	154	-47	647	631	16
	2.2.1.1 Debt forgiveness	–	–	–	–	–	–
	2.2.1.2 Other capital transfers	107	154	-47	647	631	16
	2.2.2 Financial corporations, nonfinancial corporations, households, and NPISHs	–	–	–	–	–	–

Statement I: Standard Presentation of BoP in India as per BPM6 (Contd.)
(US$ million)
Item		Jan-Mar 2011 P			Apr-Mar 2010-11 P
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
3	Financial Account (3.1 to 3.5)	115,699	109,516	6,183	495,992	449,329	46,663
	3.1 Direct Investment (3.1A+3.1B)	6,899	6,323	576	32,941	25,804	7,138
	3.1.A Direct Investment in India	6,292	1,419	4,873	30,380	7,018	23,362
	3.1.1 Equity and investment fund shares	5,966	1,341	4,624	29,728	6,514	23,214
	3.1.1.1 Equity other than reinvestment of earnings	3,610	1,341	2,269	20,304	6,514	13,791
	3.1.1.1.1 Direct investor in direct investment enterprises	3,610	1,341	2,269	20,304	6,514	13,791
	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	2,356	–	2,356	9,424	–	9,424
	3.1.2 Debt instruments	327	78	249	652	504	147
	3.1.2.1 Direct investor in direct investment enterprises	327	78	249	652	504	147
	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	606	4,904	-4,297	2,562	18,785	-16,224
	3.1.1 Equity and investment fund shares	606	2,700	-2,094	2,562	11,321	-8,759
	3.1.1.1 Equity other than reinvestment of earnings	606	2,429	-1,823	2,562	10,237	-7,675
	3.1.1.1.1 Direct investor in direct investment enterprises	606	2,429	-1,823	2,562	10,237	-7,675
	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	–	271	-271	–	1,084	-1,084
	3.1.2 Debt instruments	–	2,203	-2,203	–	7,465	-7,465
	3.1.2.1 Direct investor in direct investment enterprises	–	2,203	-2,203	–	7,465	-7,465
	3.1.2.2 Direct investment enterprises in direct investor (reverse investment)	–	–	–	–	–	–
	3.1.2.3 Between fellow enterprises	–	–	–	–	–	–
	3.2 Portfolio Investment	48,624	48,637	-13	251,903	223,660	28,243
	3.2A Portfolio Investment in India	48,231	48,265	-34	251,125	221,704	29,422
	3.2.1 Equity and investment fund shares	34,492	35,015	-523	187,837	143,950	43,887
	3.2.2 Debt securities	13,739	13,250	489	63,289	77,754	-14,465
	3.2.B Portfolio Investment by India	393	372	21	777	1,956	-1,179
	3.3 Financial derivatives (other than reserves) and employee stock options	–	–	–	–	–	–
	3.4 Other investment	60,176	52,525	7,651	211,148	186,815	24,333
	3.4.1 Other equity (ADRs/GDRs)	210		210	2,049	0	2,049
	3.4.2 Currency and deposits	15,375	13,417	1,958	50,954	47,186	3,768
	3.4.2.1 Central bank (NRG)	1,613	545	1,068	1,702	1,172	529
	3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits)	13,763	12,873	890	49,252	46,014	3,238
	3.4.2.3 General government	–	–	–	–	–	–
	3.4.2.4 Other sectors	–	–	–	–	–	–
	3.4.3 Loans (External Assistance, ECBs and Banking Capital)	17,953	17,524	429	72,338	54,280	18,058
	3.4.3.A Loans to India	17,146	17,008	138	70,422	52,665	17,757
	3.4.3.1 Central bank	–	–	–	–	–	–
	3.4.3.2 Deposit-taking corporations, except the central bank	10,108	12,844	-2,737	41,369	40,175	1,194
	3.4.3.3 General government (External Assistance)	1,446	689	757	7,805	2,840	4,965
	3.4.3.4 Other sectors (External Commercial Borrowings)	5,592	3,474	2,118	21,248	9,651	11,597
	3.4.3.B Loans by India	807	517	290	1,916	1,614	302
	3.4.3.1 Central bank	–	–	–	–	–	–
	3.4.3.2 Deposit-taking corporations, except the central bank	–	–	–	–	–	–
	3.4.3.3 General government	19	25	-6	76	102	-26
	3.4.3.4 Other sectors	788	491	297	1,840	1,513	328
	3.4.4 Insurance, pension, and standardized guarantee schemes	–	–	–	–	–	–
	3.4.5 Trade credit and advances	22,150	19,442	2,708	75,732	64,742	10,990
	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	22,150	19,442	2,708	75,732	64,742	10,990
	3.4.6 Other accounts receivable/payable—other	4,487	2,141	2,346	10,074	20,608	-10,534
	3.4.7 Special drawing rights			–
	3.5 Reserve assets	–	2,031	-2,031	–	13,050	-13,050
	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)	–	2,031	-2,031	–	13,050	-13,050
	3.5.4.1 Currency,deposits and securities	–	2,031	-2,031	–	13,050	-13,050
	3.5.4.2 Financial derivatives	–	–	–	–	–	–
	3.5.4.3 Other claims	–	–	–	–	–	–
3	Total assets/liabilities	115,699	109,516	6,183	495,992	449,329	46,663
	Of which: (by instrument):
	3.0.1 Equity and investment fund shares	41,457	39,428	2,029	220,904	163,741	57,163
	3.0.2 Debt instruments	14,066	15,532	-1,466	63,940	85,723	-21,782
	3.0.3 Other financial assets and liabilities	60,176	54,556	5,620	211,148	199,866	11,282
4	Net errors and omissions			-804			-2,410

Attachment I: Invisibles by Category
(US$ million)
Items	2009-10 PR	2010-11 P	2010-11				April-June 2011-12 P
	2009-10 PR	2010-11 P	April-June PR	July-Sept PR	Oct-Dec PR	Jan-March PR	April-June 2011-12 P
	1	2	3	4	5	6	7
I. Invisibles Receipts (A+B+C)	163,404	197,583	43,249	46,899	55,075	52,360	47,598
A. Services	95,759	131,972	26,640	31,272	38,556	35,504	30,955
1) Travel	11,859	15,275	2,949	3,379	4,429	4,518	3,625
2) Transportation	11,177	14,277	3,143	3,277	3,713	4,144	4,214
3) Insurance	1,603	1,949	410	442	507	590	538
4) GNIE	440	534	94	125	150	165	141
5) Miscellaneous	70,680	99,937	20,044	24,049	29,757	26,087	22,437
of which:
Software Services	49,705	59,001	13,114	13,191	15,684	17,012	14,504
B. Transfers	54,623	56,509	13,754	13,654	14,422	14,679	14,464
1) Official Transfers	723	648	59	141	341	107	45
2) Private Transfers	53,900	55,861	13,695	13,513	14,081	14,572	14,419
C. Income	13,022	9,102	2,855	1,973	2,097	2,177	2,179
1) Investment Income	12,108	7,985	2,628	1,726	1,811	1,820	1,881
2) Compensation of Employees	914	1,117	227	247	286	357	298
II. Invisibles Payments (A+B+C)	83,413	111,397	23,492	26,413	33,588	27,904	26,266
A. Services	60,033	84,308	17,052	19,598	26,662	20,996	18,887
1) Travel	9,342	11,232	2,335	2,772	2,890	3,235	3,488
2) Transportation	11,934	13,880	3,134	3,524	3,984	3,238	4,073
3) Insurance	1,286	1,400	310	386	403	301	308
4) GNIE	526	820	143	205	195	277	205
5) Miscellaneous	36,945	56,976	11,130	12,711	19,190	13,945	10,813
of which:
Software Services	1,469	2,195	575	585	709	326	309
B. Transfers	2,318	3,124	726	677	844	877	858
1) Official Transfers	473	631	141	137	199	154	146
2) Private Transfers	1,845	2,493	585	540	645	723	712
C. Income	21,062	23,965	5,714	6,138	6,082	6,031	6,521
1) Investment Income	19,357	21,885	5,220	5,693	5,504	5,468	6,125
2) Compensation of Employees	1,705	2,080	494	445	578	563	396
Net Invisibles (I - II)	79,991	86,186	19,757	20,486	21,487	24,456	21,332

Attachment IA: Invisibles Receipts by Category of Transactions
(US$ million)
Items	2009-10 PR	2010-11 P	2010-11				2011-12 Apr-Jun P
	2009-10 PR	2010-11 P	Apr-Jun PR	Jul-Sept PR	Oct-Dec PR	Jan-Mar P	2011-12 Apr-Jun P
	1	2	3	4	5	6	7
Invisibles Receipts (A+B+C)	163404	197583	43249	46899	55075	52360	47598
A) SERVICES	95759	131972	26640	31272	38556	35504	30955
1) TRAVEL ACCOUNT
Tourist Expenses in India	11859	15275	2949	3379	4429	4518	3625
TOTAL	11859	15275	2949	3379	4429	4518	3625
2) TRANSPORTATION ACCOUNT
a) Sea Transport
i) Surplus remitted by Indian companies operating abroad	610	649	133	185	178	153	184
ii) Operating expenses of foreign companies in India	788	765	182	203	205	175	229
Charter hire charges	139	116	28	35	27	26	38
b) Air Transport
i) Surplus remitted by Indian companies operating abroad	420	530	138	122	122	148	143
ii) Operating expenses of foreign Companies in India	67	56	8	10	19	19	34
iii) Charter hire charges	12	20	0	7	7	6	1
c) Freight on exports	7967	10368	2258	2318	2680	3112	3042
d) Others	1176	1773	396	397	475	505	543
TOTAL (a to d)	11179	14277	3143	3277	3713	4144	4214
3) INSURANCE ACCOUNT
a) Insurance on export	1040	1355	295	303	350	407	398
b) Premium
i) Life	46	50	20	7	10	13	15
ii) Non-life	102	124	25	25	43	31	28
iii) Reinsurance from foreign companies	217	126	29	29	37	31	26
c) Commission on Business received from foreign companies	25	33	7	8	7	11	6
d) Others	173	262	34	70	60	98	65
TOTAL (a to d)	1603	1950	410	442	507	590	538
4) Government Not Included Elsewhere
a) Maintenance of foreign embassies and diplomatic missions in India	278	387	65	90	106	126	102
b) Maintenance of international and regional institution in India	162	147	29	35	44	39	39
TOTAL (a to b)	440	534	94	125	150	165	141
5) MISCELLANEOUS ACCOUNT
a) Communication services	1228	1562	325	417	424	396	360
b) Construction services	588	676	122	173	128	253	256
c) Financial services	3737	6508	1228	1819	1684	1777	1282
d) Software services	49705	59001	13114	13191	15684	17012	14504
IT Services	36285	41300
ITES-BPO	13420	17701
e) News agency services	321	605	82	108	322	93	30
f) Royalties, copyright and license fees	203	193	35	27	25	106	40
g) Business services (1 to 12)	11369	24053	4819	5944	7088	6204	5429
i) Merchanting services	316	1225	183	356	331	355	336
ii) Trade related services	1688	5357	1226	1299	1639	1193	748
iii) Operational Leasing services	423	830	175	127	300	228	200
iv) Legal services	609	439	124	122	74	119	118
v) Accounting/Auditing services	225	301	51	62	68	120	81
vi) Business Management & consultancy services	3777	9184	1605	2279	2747	2553	2040
vii) Advertising/ trade fair	590	703	134	134	243	192	224
viii) Research & Development services	565	878	170	286	224	198	161
ix) Architectural Engineering & other technical services	1403	2013	513	483	551	466	642
x) Agricultural Mining & on-site processing services	196	286	78	54	77	77	35
xi) Maintenance of offices abroad services	1507	2777	535	725	825	692	828
xii) Environmental services	72	60	25	15	9	11	16
h) Personal, Cultural & Recreational services	497	227	49	56	52	70	88
i) Refunds/rebates	512	507	9	209	132	157	8
j) Other services	2519	6603	261	2106	4217	19	440
TOTAL (a to j)	70681	99935	20044	24048	29756	26087	22437

Attachment IA: Invisibles Receipts by Category of Transactions (Concld.)
(US$ million)
Items	2009-10 PR	2010-11 P	2010-11				2011-12 Apr-Jun P
	2009-10 PR	2010-11 P	Apr-Jun PR	Jul-Sept PR	Oct-Dec PR	Jan-Mar P	2011-12 Apr-Jun P
	1	2	3	4	5	6	7
B) TRANSFERS	54623	56510	13754	13654	14423	14679	14464
1) OFFICIAL TRANSFERS
i) Donations received from Non- residents	67	75	25	18	22	10	19
ii) Grant under PL 480 II	4	0	0	0	0	0	0
iii) Grants from other Governments	652	573	34	123	319	97	26
TOTAL (i to iii)	723	648	59	141	341	107	45
2) PRIVATE TRANSFERS
i) Inward remittance from Indian workers abroad for family maintenance etc.	28406	27408	6900	5999	7227	7282	7372
ii) Local withdrawals/redemptions from non-resident deposits	23552	26393	6319	7052	6346	6676	6431
iii) Gold and silver brought through passenger baggage	85	36	5	6	9	16	18
iv) Personal gifts/donations to charitable/ religious institutions in India.	1857	2025	471	456	500	598	598
TOTAL (i to iv)	53900	55862	13695	13513	14082	14572	14419
C) INCOME ACCOUNT	13022	9101	2855	1973	2096	2177	2179
1) Compensation of Employees
Wages received by Indians working on foreign contracts	914	1117	227	247	286	357	298
2) Investment Income
i) Interest received on loans to non-residents	4138	1721	1313	112	159	137	204
ii) Dividend/profit received by Indians on foreign investment	350	283	38	60	67	118	280
Of which:
Dividend received by Indians on foreign investment	225	156	15	47	40	54	244
Profit received by Indians on foreign investment	125	127	23	13	27	64	36
iii) Reinvested Earning	1084	1084	271	271	271	271	271
iv) Interest received on debentures,FRNs,CPs, fixed deposits and funds held abroad by ADs out of foreign currency loans/export proceeds	57	42	18	3	14	7	152
v) Interest received on overdraft of VOSTRO accounts of foreign correspondents/branches by the ADs	17	13	4	3	1	4	7
vi) Payment of taxes by the non-residents/refund of taxes by foreign governments to Indians	553	679	41	62	384	192	152
vii) Interest/discount earnings etc. earnings on RBI investment	5900	4142	939	1211	908	1084	811
viii) Interest/remuneration on SDRs holdings	10	20	4	4	6	6	4
TOTAL (i to viii)	12108	7984	2628	1726	1810	1820	1881

Attachment IB: Invisibles Payments by Category of Transactions
(US$ million)
Items	2009-10 PR	2010-11 P	2010-11				2011-12 Apr-Jun P
	2009-10 PR	2010-11 P	Apr-Jun PR	Jul-Sept PR	Oct-Dec PR	Jan-Mar P	2011-12 Apr-Jun P
	1	2	3	4	5	6	7
Invisibles Payments (A+B+C)	83413	111397	23492	26413	33588	27904	26266
A) SERVICES	60033	84308	17052	19598	26662	20996	18887
1) TRAVEL ACCOUNT
i) Business	3569	5103	883	1032	1284	1904	1875
ii) Health Related	29	59	41	6	7	5	10
iii) Education Related	2252	1892	325	664	435	468	330
iv) Basic travel quota (BTQ)	2336	2780	802	669	714	595	895
v) Pilgrimage	232	309	3	119	180	7	48
vi) Others	924	1090	281	283	270	256	331
TOTAL (i to vi)	9342	11233	2335	2773	2890	3235	3488
2) TRANSPORTATION ACCOUNT
a. Sea Transport
i) Surplus remitted by Foreign companies operating in India	1208	1771	313	472	483	503	819
ii) Operating expenses of Indian companies abroad	1671	962	211	221	301	229	318
iii) Charter hire charges	97	93	25	23	30	15	13
iv) Freight on imports	3265	4186	944	1115	1213	914	1014
v) Freight on Exports	1018	1119	330	218	239	332	444
vi) Remittance of passage booking abroad	6	11	1	6	2	2	8
b. Air Transport
i) Surplus remitted by Foreign companies operating in India	2451	3120	773	779	881	687	808
ii) Operating expenses of Indian companies abroad	603	923	159	238	279	247	238
iii) Charter hire charges	510	491	139	88	194	70	121
iv) Freight on imports	112	152	26	35	56	35	35
v) Freight on Exports	23	86	24	13	6	43	3
vi) Remittance of passage booking abroad	37	41	8	12	15	6	11
c. Others	933	925	181	304	285	155	241
TOTAL (a to c)	11934	13880	3134	3524	3984	3238	4073
3) INSURANCE ACCOUNT
a. Premium
i) Life	25	15	2	3	3	7	3
ii) Non-life	117	128	25	24	30	49	19
iii) Reinsurance	653	749	147	192	255	155	201
b. Commission on Business	58	65	20	16	16	13	18
c. Others	433	443	116	151	99	77	67
TOTAL (a to c)	1286	1400	310	386	403	301	308
4) Government Not Included Elsewhere
a. Maintenance of Indian embassies and diplomatic mission abroad	358	531	99	133	107	192	118
b. Remittances by foreign embassies and mission in India	168	289	44	72	89	84	87
TOTAL (a to b)	526	820	143	205	196	276	205
5) MISCELLANEOUS ACCOUNT
a) Communication services	1355	1152	241	266	304	341	423
b) Construction services	998	1157	345	136	220	456	211
c) Financial services	4642	7483	1404	1905	1961	2213	1789
d) Software services	1468	2195	575	585	709	326	309
e) News agency services	639	467	75	68	113	211	197
f) Royalties, copyright and license fees	2017	2424	566	560	696	602	775
g) Business services (1 to 12)	18049	27869	5917	6988	8012	6952	6384
i) Merchanting services	495	1068	284	343	242	199	212
ii) Trade related services	1772	1878	496	362	501	519	590
iii) Operational Leasing services	907	1236	301	282	354	299	338
iv) Legal services	192	158	37	36	47	38	46
v) Accounting / Auditing services	178	274	17	126	89	42	77
vi) Business Management & consultancy services	5376	10613	2172	2632	2948	2861	2292
vii) Advertising/ trade fair	792	945	163	202	323	257	211
viii) Research & Development services	318	249	66	51	79	53	48
ix) Architectural Engineering & other technical services	4252	5127	1110	1366	1622	1029	1237
x) Agricultural Mining & on-site processing services	191	131	36	15	11	69	11
xi) Maintanence of offices abroad services	3573	6178	1234	1572	1795	1577	1321
xii) Environmental services	4	12	1	1	1	9	1
h) Personal, Cultural & Recreational services	260	543	71	105	228	139	110
i) Refunds/rebates	473	641	57	68	233	283	111
j) Other services	7043	13045	1879	2030	6714	2422	504
TOTAL (a to j)	36945	56976	11130	12711	19190	13945	10813

Attachment IB: Invisibles Payments by Category of Transactions (Concld.)
(US$ million)
Items	2009-10 PR	2010-11 P	2010-11				2011-12 Apr-Jun P
	2009-10 PR	2010-11 P	Apr-Jun PR	Jul-Sept PR	Oct-Dec PR	Jan-Mar P	2011-12 Apr-Jun P
	1	2	3	4	5	6	7
B) TRANSFERS	2318	3123	726	677	844	876	858
1) OFFICIAL TRANSFERS
Grants/donations from official sector	473	631	141	137	199	154	146
TOTAL	473	631	141	137	199	154	146
2) PRIVATE TRANSFERS
i) Remittance by non-residents towards family maintenance and savings	1516	2078	486	443	540	609	588
ii) Personal gifts/donations to charitable/ religious institutions	329	414	99	97	105	113	124
Of which:
Remittance towards personal gifts and donations	286	405	96	94	103	112	114
Remittance towards donations to religious and charitable institutions abroad	40	9	3	3	2	1	8
Remittance towards grants and donations to other governments and charitable institutions established by the governments	3	0	0	0	0	0	2
TOTAL (i to ii)	1845	2492	585	540	645	722	712
C) INCOME	21062	23965	5713	6139	6082	6031	6521
1) Compensation of Employees
Payment of wages/salary to Non-residents working in India	1705	2080	492	448	578	563	396
TOTAL	1705	2080	492	448	578	563	396
2) Investment Income
i) Payment of interest on NRI deposits	1599	1737	416	423	417	481	503
ii) Payment of interest on loans from non-residents	4168	5092	1065	1174	1277	1576	1839
iii) Payment of dividend/profit to non-resident share holder	3809	4681	1038	1446	1299	898	1208
Of which:
Payment of dividend to non-resident share holder	3208	4337	947	1352	1228	810	1117
Payment of profit to non-resident share holder	601	344	91	94	71	88	91
iv) Reinvested Earning	8668	9424	2356	2356	2356	2356	2405
v) Payment of interest on debentures, FRNs, CPs fixed deposits, Government securities etc.	227	322	69	112	66	75	47
vi) Charges on SDRs	9	19	4	4	5	6	7
vii) Interest paid on overdraft on VOSTRO a/c Holders/OD on NOSTRO a/c	656	397	232	102	23	40	23
viii) Payment of taxes by the Indians/refund of taxes by government to non-residents	221	218	41	74	67	36	93
TOTAL ( I to viii)	19357	21885	5221	5691	5504	5468	6125
P: Preliminary; PR Partially Revised.

Annex 1: India’s Overall Balance of Payments
(Earlier Format)
(US$ million)
Item		2007-08			2008-09
		Credit	Debit	Net	Credit	Debit	Net
		1	2	3	4	5	6
A.	CURRENT ACCOUNT
	I. MERCHANDISE	166,162	257,629	-91,467	189,001	308,521	-119,520
	II. INVISIBLES (a+b+c)	148,875	73,144	75,731	167,819	76,214	91,605
	a) Services	90,342	51,490	38,853	105,963	52,047	53,916
	i) Travel	11,349	9,258	2,091	10,894	9,425	1,469
	ii) Transportation	10,014	11,514	-1,500	11,310	12,820	-1,509
	iii) Insurance	1,639	1,044	595	1,422	1,130	292
	iv) G.n.i.e.	331	376	-45	389	793	-404
	v) Miscellaneous	67,010	29,298	37,712	81,948	27,878	54,070
	of which
	Software Services	40,300	3,358	36,942	46,300	2,564	43,736
	Business Services	16,772	16,553	219	18,603	15,317	3,286
	Financial Services	3,217	3,133	84	4,428	2,958	1,470
	Communication Services	2,408	860	1,548	2,298	1,087	1,211
	b) Transfers	44,261	2,316	41,945	47,547	2,749	44,798
	i) Official	753	514	239	645	413	232
	ii) Private	43,508	1,802	41,706	46,903	2,336	44,567
	c) Income	14,272	19,339	-5,068	14,309	21,418	-7,110
	i) Investment Income	13,811	18,244	-4,433	13,483	20,109	-6,626
	ii) Compensation of Employees	461	1,095	-635	825	1,309	-484
	Total Current Account (I+II)	315,037	330,774	-15,737	356,820	384,735	-27,915
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	271,122	227,796	43,326	167,594	161,809	5,785
	a) Foreign Direct Investment (i+ii)	37,321	21,429	15,893	38,940	19,124	19,816
	i) In India	34,844	116	34,728	37,837	166	37,672
	Equity	26,865	108	26,757	28,029	166	27,863
	Reinvested Earnings	7,679	–	7,679	9,032	–	9,032
	Other Capital	300	8	292	776	–	776
	ii) Abroad	2,477	21,312	-18,835	1,103	18,958	-17,855
	Equity	2,477	16,899	-14,422	1,103	14,791	-13,688
	Reinvested Earnings	–	1,084	-1,084	–	1,084	-1,084
	Other Capital	–	3,330	-3,330	–	3,083	-3,083
	b) Portfolio Investment	233,800	206,367	27,433	128,654	142,685	-14,031
	i) In India	233,564	206,294	27,270	128,511	142,365	-13,854
	of which
	FIIs	226,621	206,294	20,327	127,349	142,366	-15,017
	GDRs/ADRs	6,645	–	6,645	1,162	–	1,162
	ii) Abroad	236	73	163	142	319	-177
	2. Loans (a+b+c)	82,192	41,539	40,653	62,219	53,901	8,318
	a) External Assistance	4,241	2,126	2,114	5,232	2,791	2,441
	i) By India	23	28	-4	72	416	-344
	ii) To India	4,217	2,098	2,119	5,160	2,375	2,785
	b) Commercial Borrowings	30,293	7,684	22,609	15,223	7,361	7,862
	i) By India	1,593	1,624	-31	1,997	783	1,214
	ii) To India	28,700	6,060	22,640	13,226	6,578	6,648
	c) Short Term to India	47,658	31,729	15,930	41,765	43,750	-1,985
	i) Suppliers’ Credit >180 days & Buyers’ Credit	42,641	31,729	10,913	38,815	38,352	463
	ii) Suppliers’ Credit up to 180 days	5,017	–	5,017	2,950	5,398	-2,448
	3. Banking Capital (a+b)	55,814	44,055	11,759	65,207	68,453	-3,246
	a) Commercial Banks	55,735	43,623	12,112	65,094	67,868	-2,774
	i) Assets	19,562	12,668	6,894	25,823	28,725	-2,902
	ii) Liabilities	36,173	30,955	5,217	39,270	39,142	128
	of which: Non-Resident Deposits	29,400	29,222	179	37,147	32,858	4,290
	b) Others	79	432	-353	113	585	-472
	4. Rupee Debt Service	–	122	-122	–	100	-100
	5. Other Capital	29,229	18,261	10,969	18,612	22,602	-3,990
	Total Capital Account (1 to 5)	438,357	331,772	106,585	313,632	306,864	6,768
C.	Errors & Omissions	1,316	–	1,316	1,067	–	1,067
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	754,710	662,546	92,164	671,519	691,599	-20,080
E.	Monetary Movements (i+ii)	–	92,164	-92,164	20,080	–	20,080
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	92,164	-92,164	20,080	–	20,080
	Of which: SDR Allocation	–	–	–	–	–	–
P: Preliminary. PR: Partially Revised.

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		2009-10 PR			2010-11 P
		Credit	Debit	Net	Credit	Debit	Net
		7	8	9	10	11	12
A.	CURRENT ACCOUNT
	I. MERCHANDISE	182,235	300,609	-118,374	250,468	380,935	-130,467
	II. INVISIBLES (a+b+c)	163,404	83,413	79,991	197,583	111,397	86,186
	a) Services	95,759	60,033	35,726	131,972	84,308	47,664
	i) Travel	11,859	9,342	2,517	15,275	11,232	4,043
	ii) Transportation	11,177	11,934	-757	14,277	13,880	397
	iii) Insurance	1,603	1,286	317	1,949	1,400	549
	iv) G.n.i.e.	440	526	-86	534	820	-286
	v) Miscellaneous	70,680	36,945	33,735	99,937	56,976	42,961
	of which
	Software Services	49,705	1,469	48,236	59,001	2,195	56,806
	Business Services	11,368	18,049	-6,681	24,049	27,871	-3,822
	Financial Services	3,736	4,643	-907	6,508	7,483	-975
	Communication Services	1,229	1,355	-126	1,562	1,152	410
	b) Transfers	54,623	2,318	52,305	56,509	3,124	53,385
	i) Official	723	473	250	648	631	17
	ii) Private	53,900	1,845	52,055	55,861	2,493	53,368
	c) Income	13,022	21,062	-8,040	9,102	23,965	-14,863
	i) Investment Income	12,108	19,357	-7,249	7,985	21,885	-13,900
	ii) Compensation of Employees	914	1,705	-791	1,117	2,080	-963
	Total Current Account (I+II)	345,639	384,022	-38,383	448,051	492,332	-44,281
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	198,669	147,502	51,167	286,896	249,462	37,434
	a) Foreign Direct Investment (i+ii)	38,500	19,729	18,771	32,944	25,802	7,142
	i) In India	37,762	4,638	33,124	30,382	7,018	23,364
	Equity	27,149	4,242	22,907	20,306	6,514	13,792
	Reinvested Earnings	8,668	–	8,668	9,424	–	9,424
	Other Capital	1,945	396	1,549	652	504	148
	ii) Abroad	738	15,091	-14,353	2,562	18,784	-16,222
	Equity	738	10,052	-9,314	2,562	10,236	-7,674
	Reinvested Earnings	–	1,084	-1,084	–	1,084	-1,084
	Other Capital	–	3,955	-3,955	–	7,464	-7,464
	b) Portfolio Investment	160,169	127,773	32,396	253,952	223,660	30,292
	i) In India	159,897	127,521	32,376	253,175	221,704	31,471
	of which
	FIIs	156,570	127,521	29,049	251,126	221,704	29,422
	GDRs/ADRs	3,328	–	3,328	2,049	–	2,049
	ii) Abroad	272	252	20	777	1,956	-1,179
	2. Loans (a+b+c)	74,116	60,857	13,259	106,702	78,843	27,859
	a) External Assistance	5,898	3,005	2,893	7,881	2,940	4,941
	i) By India	52	420	-368	76	100	-24
	ii) To India	5,846	2,585	3,261	7,805	2,840	4,965
	b) Commercial Borrowings	14,954	12,146	2,808	23,089	11,162	11,927
	i) By India	974	1,505	-531	1,840	1,512	328
	ii) To India	13,980	10,641	3,339	21,249	9,650	11,599
	c) Short Term to India	53,264	45,706	7,558	75,732	64,741	10,991
	i) Suppliers’ Credit >180 days & Buyers’ Credit	48,571	43,914	4,657	72,086	64,741	7,345
	ii) Suppliers’ Credit up to 180 days	4,693	1,792	2,901	3,646	–	3,646
	3. Banking Capital (a+b)	61,499	59,415	2,084	92,324	87,361	4,963
	a) Commercial Banks	60,893	58,966	1,927	90,622	86,188	4,434
	i) Assets	17,097	15,259	1,838	35,370	38,666	-3,296
	ii) Liabilities	43,796	43,707	89	55,252	47,522	7,730
	of which: Non-Resident Deposits	41,356	38,432	2,924	49,253	46,014	3,239
	b) Others	606	449	157	1,702	1,173	529
	4. Rupee Debt Service	–	97	-97	–	69	-69
	5. Other Capital	11,390	24,406	-13,016	10,113	20,553	-10,440
	Total Capital Account (1 to 5)	345,674	292,277	53,397	496,035	436,288	59,747
C.	Errors & Omissions	–	1,573	-1,573	–	2,416	-2,416
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	691,313	677,872	13,441	944,086	931,036	13,050
E.	Monetary Movements (i+ii)	–	13,441	-13,441	–	13,050	-13,050
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	13,441	-13,441	–	13,050	-13,050
	Of which: SDR Allocation	–	5,160	-5,160	–	–	–

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		Apr-June 2008			July-Sept 2008
		Credit	Debit	Net	Credit	Debit	Net
		13	14	15	16	17	18
A.	CURRENT ACCOUNT
	I. MERCHANDISE	57,454	82,655	-25,201	53,630	92,752	-39,121
	II. INVISIBLES (a+b+c)	39,986	18,186	21,800	46,919	20,062	26,857
	a) Services	23,616	12,344	11,272	29,001	13,525	15,476
	i) Travel	2,504	2,164	341	2,786	2,711	75
	ii) Transportation	2,615	3,328	-713	3,041	3,751	-710
	iii) Insurance	350	227	123	377	306	71
	iv) G.n.i.e.	130	110	19	81	95	-14
	v) Miscellaneous	18,017	6,515	11,502	22,716	6,662	16,054
	of which
	Software Services	12,081	844	11,237	12,120	685	11,435
	Business Services	4,087	3,217	870	5,410	3,916	1,494
	Financial Services	615	620	-5	1,673	966	707
	Communication Services	510	227	284	740	296	444
	b) Transfers	12,797	654	12,143	13,773	831	12,942
	i) Official	148	107	40	51	97	-46
	ii) Private	12,649	547	12,102	13,722	734	12,988
	c) Income	3,573	5,187	-1,615	4,145	5,706	-1,561
	i) Investment Income	3,418	4,859	-1,441	3,855	5,375	-1,520
	ii) Compensation of Employees	155	328	-174	290	331	-41
	Total Current Account (I+II)	97,440	100,841	-3,400	100,550	112,814	-12,264
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	53,674	48,684	4,989	52,550	48,251	4,299
	a) Foreign Direct Investment (i+ii)	12,906	3,710	9,196	9,920	4,309	5,610
	i) In India	12,670	21	12,649	9,604	52	9,552
	Equity	10,248	21	10,227	7,312	52	7,260
	Reinvested Earnings	2,258	–	2,258	2,258	–	2,258
	Other Capital	164	–	164	34	–	34
	ii) Abroad	236	3,688	-3,452	316	4,257	-3,941
	Equity	236	2,661	-2,425	316	3,299	-2,983
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	756	-756	–	687	-687
	b) Portfolio Investment	40,768	44,975	-4,207	42,630	43,942	-1,311
	i) In India	40,745	44,923	-4,177	42,618	43,919	-1,302
	of which
	FIIs	39,746	44,923	-5,177	42,482	43,919	-1,437
	GDRs/ADRs	999	–	999	136	–	136
	ii) Abroad	22	52	-29	13	22	-10
	2. Loans (a+b+c)	15,901	9,704	6,197	16,305	13,739	2,566
	a) External Assistance	941	655	286	1,122	673	449
	i) By India	18	104	-86	18	104	-86
	ii) To India	923	551	372	1,104	569	535
	b) Commercial Borrowings	2,754	1,270	1,484	3,574	1,859	1,714
	i) By India	403	190	213	532	138	393
	ii) To India	2,351	1,080	1,271	3,042	1,721	1,321
	c) Short Term to India	12,206	7,779	4,427	11,609	11,207	402
	i) Suppliers’ Credit >180 days & Buyers’ Credit	9,256	7,779	1,477	11,609	9,766	1,843
	ii) Suppliers’ Credit up to180 days	2,950	–	2,950	–	1,441	-1,441
	3. Banking Capital (a+b)	21,987	19,291	2,696	16,360	14,086	2,275
	a) Commercial Banks	21,987	19,140	2,847	16,360	14,083	2,277
	i) Assets	11,457	10,533	924	6,596	5,154	1,442
	ii) Liabilities	10,530	8,607	1,923	9,764	8,929	835
	of which : Non-Resident Deposits	9,098	8,284	814	9,176	8,917	259
	b) Others	–	151	-151	–	3	-3
	4. Rupee Debt Service	–	30	-30	–	3	-3
	5. Other Capital	4,604	13,015	-8,411	4,886	7,682	-2,796
	Total Capital Account (1 to 5)	96,166	90,724	5,442	90,101	83,760	6,341
C.	Errors & Omissions	194	–	194	1,189	–	1,189
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	193,800	191,565	2,235	191,840	196,574	-4,734
E.	Monetary Movements (i+ii)	–	2,235	-2,235	4,734	–	4,734
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	2,235	-2,235	4,734	–	4,734
	Of which: SDR Allocation	–	–	–	–	–	–

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		Oct-Dec 2008			Jan-Mar 2009
		Credit	Debit	Net	Credit	Debit	Net
		19	20	21	22	23	24
A.	CURRENT ACCOUNT
	I. MERCHANDISE	39,436	74,428	-34,992	38,481	58,686	-20,205
	II. INVISIBLES (a+b+c)	42,416	19,294	23,122	38,498	18,673	19,825
	a) Services	28,227	13,099	15,128	25,119	13,078	12,040
	i) Travel	2,924	1,946	979	2,680	2,606	74
	ii) Transportation	2,738	3,241	-503	2,916	2,499	416
	iii) Insurance	347	268	79	348	329	18
	iv) G.n.i.e.	97	233	-136	81	355	-273
	v) Miscellaneous	22,121	7,412	14,709	19,094	7,289	11,805
	of which
	Software Services	11,274	580	10,694	10,825	455	10,370
	Business Services	4,851	3,568	1,283	4,255	4,616	-361
	Financial Services	1,112	740	372	1,028	633	395
	Communication Services	547	257	290	501	308	193
	b) Transfers	10,997	845	10,151	9,980	419	9,562
	i) Official	285	98	187	161	111	50
	ii) Private	10,712	748	9,964	9,820	308	9,512
	c) Income	3,192	5,349	-2,157	3,399	5,176	-1,777
	i) Investment Income	3,000	5,011	-2,011	3,210	4,864	-1,654
	ii) Compensation of Employees	192	338	-146	189	312	-123
	Total Current Account (I+II)	81,851	93,722	-11,870	76,979	77,359	-380
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	33,709	38,820	-5,111	27,661	26,053	1,608
	a) Foreign Direct Investment (i+ii)	7,112	6,402	710	9,003	4,703	4,300
	i) In India	6,901	29	6,872	8,662	63	8,599
	Equity	4,117	29	4,088	6,352	63	6,289
	Reinvested Earnings	2,258	–	2,258	2,258	–	2,258
	Other Capital	526	–	526	52	–	52
	ii) Abroad	210	6,373	-6,163	341	4,640	-4,299
	Equity	210	5,020	-4,810	341	3,811	-3,470
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	1,082	-1,082	–	558	-558
	b) Portfolio Investment	26,597	32,418	-5,821	18,658	21,350	-2,692
	i) In India	26,568	32,355	-5,787	18,580	21,169	-2,588
	of which
	FIIs	26,561	32,355	-5,794	18,560	21,169	-2,609
	GDRs/ADRs	7	–	7	20	–	20
	ii) Abroad	29	63	-34	78	182	-104
	2. Loans (a+b+c)	15,803	15,419	384	14,210	15,039	-829
	a) External Assistance	1,692	759	933	1,477	704	773
	i) By India	18	104	-86	18	104	-86
	ii) To India	1,674	655	1,019	1,459	600	859
	b) Commercial Borrowings	5,395	1,724	3,671	3,499	2,507	992
	i) By India	662	148	514	399	306	93
	ii) To India	4,733	1,576	3,157	3,100	2,201	899
	c) Short Term to India	8,715	12,936	-4,221	9,234	11,828	-2,594
	i) Suppliers’ Credit >180 days & Buyers’ Credit	8,715	10,357	-1,642	9,234	10,450	-1,216
	ii) Suppliers’ Credit up to 180 days	–	2,579	-2,579	–	1,378	-1,378
	3. Banking Capital (a+b)	14,830	19,786	-4,956	12,030	15,290	-3,260
	a) Commercial Banks	14,827	19,355	-4,528	11,919	15,290	-3,371
	i) Assets	5,192	7,541	-2,349	2,578	5,498	-2,920
	ii) Liabilities	9,636	11,814	-2,178	9,341	9,792	-451
	of which : Non-Resident Deposits	9,543	8,501	1,042	9,331	7,155	2,176
	b) Others	2	431	-429	111	–	111
	4. Rupee Debt Service	–	–	–	–	68	-68
	5. Other Capital	5,005	693	4,312	4,117	1,212	2,905
	Total Capital Account (1 to 5)	69,346	74,718	-5,372	58,019	57,662	357
C.	Errors & Omissions	–	639	-639	323	–	323
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	151,197	169,079	-17,881	135,321	135,021	300
E.	Monetary Movements (i+ii)	17,881	–	17,881	–	300	-300
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	17,881	–	17,881	–	300	-300
	Of which: SDR Allocation	–	–	–	–	–	–

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		Apr-June 2009 PR			July-Sept 2009 PR
		Credit	Debit	Net	Credit	Debit	Net
		25	26	27	28	29	30
A.	CURRENT ACCOUNT
	I. MERCHANDISE	39,166	65,434	-26,268	43,403	72,985	-29,582
	II. INVISIBLES (a+b+c)	38,686	16,583	22,103	40,502	20,094	20,408
	a) Services	22,391	10,956	11,435	21,368	13,705	7,663
	i) Travel	2,297	2,035	262	2,719	2,357	362
	ii) Transportation	2,501	2,777	-276	2,570	2,221	349
	iii) Insurance	388	314	74	384	341	43
	iv) G.n.i.e.	100	103	-3	100	130	-30
	v) Miscellaneous	17,105	5,727	11,378	15,595	8,656	6,939
	of which
	Software Services	11,004	391	10,613	11,207	438	10,769
	Business Services	2,586	3,295	-709	2,504	4,612	-2,108
	Financial Services	1,116	835	281	732	1,135	-403
	Communication Services	418	278	140	307	313	-6
	b) Transfers	13,345	470	12,875	14,385	568	13,817
	i) Official	47	110	-63	168	108	60
	ii) Private	13,298	360	12,938	14,217	460	13,757
	c) Income	2,950	5,157	-2,207	4,749	5,821	-1,072
	i) Investment Income	2,723	4,806	-2,083	4,544	5,479	-935
	ii) Compensation of Employees	227	351	-124	205	342	-137
	Total Current Account (I+II)	77,852	82,017	-4,165	83,905	93,079	-9,174
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	48,576	35,481	13,095	55,940	38,760	17,180
	a) Foreign Direct Investment (i+ii)	9,951	5,124	4,827	11,580	4,077	7,503
	i) In India	9,826	926	8,900	11,485	632	10,853
	Equity	7,290	900	6,390	8,547	597	7,950
	Reinvested Earnings	2,167	–	2,167	2,167	–	2,167
	Other Capital	369	26	343	771	35	736
	ii) Abroad	125	4,198	-4,073	95	3,445	-3,350
	Equity	125	2,983	-2,858	95	2,137	-2,042
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	944	-944	–	1,037	-1,037
	b) Portfolio Investment	38,625	30,357	8,268	44,360	34,683	9,677
	i) In India	38,602	30,332	8,270	44,356	34,655	9,701
	of which
	FIIs	38,559	30,332	8,227	41,693	34,655	7,038
	GDRs/ADRs	43	–	43	2,664	–	2,664
	ii) Abroad	23	25	-2	4	28	-24
	2. Loans (a+b+c)	13,112	14,543	-1,431	16,628	13,495	3,133
	a) External Assistance	1,014	728	286	1,477	740	737
	i) By India	13	105	-92	13	105	-92
	ii) To India	1,001	623	378	1,464	635	829
	b) Commercial Borrowings	1,972	2,433	-461	3,223	2,034	1,189
	i) By India	244	333	-89	206	215	-9
	ii) To India	1,728	2,100	-372	3,017	1,819	1,198
	c) Short Term to India	10,126	11,382	-1,256	11,928	10,721	1,207
	i) Suppliers’ Credit >180 days & Buyers’ Credit	10,126	9,590	536	10,994	10,721	273
	ii) Suppliers’ Credit up to 180 days	–	1,792	-1,792	934	–	934
	3. Banking Capital (a+b)	15,577	18,943	-3,366	16,543	12,132	4,411
	a) Commercial Banks	15,577	18,704	-3,127	16,543	11,989	4,554
	i) Assets	4,368	6,946	-2,578	6,131	1,730	4,401
	ii) Liabilities	11,209	11,758	-549	10,412	10,259	153
	of which : Non-Resident Deposits	11,172	9,354	1,818	10,342	9,295	1,047
	b) Others	–	239	-239	–	143	-143
	4. Rupee Debt Service	–	23	-23	–	1	-1
	5. Other Capital	552	5,169	-4,617	6,898	12,315	-5,417
	Total Capital Account (1 to 5)	77,817	74,159	3,658	96,009	76,703	19,306
C.	Errors & Omissions	622	–	622	–	714	-714
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	156,291	156,176	115	179,914	170,496	9,418
E.	Monetary Movements (i+ii)	–	115	-115	–	9,418	-9,418
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	115	-115	–	9,418	-9,418
	Of which: SDR Allocation	–	–	–	–	5,160	-5,160

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		Oct-Dec 2009 PR			Jan-Mar 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		31	32	33	34	35	36
A.	CURRENT ACCOUNT
	I. MERCHANDISE	47,170	78,097	-30,927	52,496	84,093	-31,597
	II. INVISIBLES (a+b+c)	40,472	21,748	18,724	43,744	24,988	18,756
	a) Services	24,159	15,993	8,166	27,841	19,379	8,462
	i) Travel	3,440	2,312	1,128	3,403	2,638	765
	ii) Transportation	2,991	3,366	-375	3,115	3,570	-455
	iii) Insurance	408	305	103	423	326	97
	iv) G.n.i.e.	124	134	-10	116	159	-43
	v) Miscellaneous	17,196	9,876	7,320	20,784	12,686	8,098
	of which
	Software Services	13,197	333	12,864	14,297	307	13,990
	Business Services	2,460	4,571	-2,111	3,818	5,571	-1,753
	Financial Services	785	1,156	-371	1,103	1,517	-414
	Communication Services	259	381	-122	245	383	-138
	b) Transfers	13,677	638	13,039	13,216	642	12,574
	i) Official	382	113	269	126	142	-16
	ii) Private	13,295	525	12,770	13,090	500	12,590
	c) Income	2,636	5,117	-2,481	2,687	4,967	-2,280
	i) Investment Income	2,385	4,597	-2,212	2,456	4,475	-2,019
	ii) Compensation of Employees	251	520	-269	231	492	-261
	Total Current Account (I+II)	87,642	99,845	-12,203	96,240	109,081	-12,841
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	44,689	35,965	8,724	49,464	37,296	12,168
	a) Foreign Direct Investment (i+ii)	8,908	5,869	3,039	8,061	4,659	3,402
	i) In India	8,714	1,469	7,245	7,737	1,611	6,126
	Equity	5,959	1,233	4,726	5,353	1,512	3,841
	Reinvested Earnings	2,167	–	2,167	2,167	–	2,167
	Other Capital	588	236	352	217	99	118
	ii) Abroad	194	4,400	-4,206	324	3,048	-2,724
	Equity	194	3,403	-3,209	324	1,529	-1,205
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	726	-726	–	1,248	-1,248
	b) Portfolio Investment	35,781	30,096	5,685	41,403	32,637	8,766
	i) In India	35,770	30,041	5,729	41,169	32,493	8,676
	of which
	FIIs	35,295	30,041	5,254	41,023	32,493	8,530
	GDRs/ADRs	475	–	475	146	–	146
	ii) Abroad	11	55	-44	234	144	90
	2. Loans (a+b+c)	20,103	14,398	5,705	24,273	18,421	5,852
	a) External Assistance	1,646	802	844	1,761	735	1,026
	i) By India	13	105	-92	13	105	-92
	ii) To India	1,633	697	936	1,748	630	1,118
	b) Commercial Borrowings	4,550	2,842	1,708	5,209	4,837	372
	i) By India	227	570	-343	297	387	-90
	ii) To India	4,323	2,272	2,051	4,912	4,450	462
	c) Short Term to India	13,907	10,754	3,153	17,303	12,849	4,454
	i) Suppliers’ Credit >180 days & Buyers’ Credit	12,055	10,754	1,301	15,396	12,849	2,547
	ii) Suppliers’ Credit up to 180 days	1,852	–	1,852	1,907	–	1,907
	3. Banking Capital (a+b)	15,172	13,232	1,940	14,207	15,109	-902
	a) Commercial Banks	14,578	13,165	1,413	14,195	15,109	-914
	i) Assets	3,067	1,874	1,193	3,531	4,709	-1,178
	ii) Liabilities	11,511	11,291	220	10,664	10,399	265
	of which : Non-Resident Deposits	10,177	9,568	609	9,665	10,215	-550
	b) Others	594	67	527	12	–	12
	4. Rupee Debt Service	–	–	–	–	73	-73
	5. Other Capital	1,597	3,338	-1,741	2,343	3,584	-1,241
	Total Capital Account (1 to 5)	81,561	66,933	14,628	90,287	74,483	15,804
C.	Errors & Omissions	–	658	-658	–	822	-822
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	169,203	167,436	1,767	186,527	184,386	2,141
E.	Monetary Movements (i+ii)	–	1767	-1767	–	2,141	-2,141
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	1767	-1767	–	–	-2,141
	Of which: SDR Allocation	–	–	–	–	–	–

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		Apr-June 2010 PR			July-Sept 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		37	38	39	40	41	42
A.	CURRENT ACCOUNT
	I. MERCHANDISE	55,301	87,160	-31,859	52,029	89,313	-37,284
	II. INVISIBLES (a+b+c)	43,249	23,492	19,757	46,899	26,413	20,486
	a) Services	26,640	17,052	9,588	31,272	19,598	11,674
	i) Travel	2,949	2,335	614	3,379	2,772	607
	ii) Transportation	3,143	3,134	9	3,277	3,524	-247
	iii) Insurance	410	310	100	442	386	56
	iv) G.n.i.e.	94	143	-49	125	205	-80
	v) Miscellaneous	20,044	11,130	8,914	24,049	12,711	11,338
	of which
	Software Services	13,114	575	12,539	13,191	585	12,606
	Business Services	4,819	5,916	-1,097	5,942	6,988	-1,046
	Financial Services	1,228	1,404	-176	1,819	1,905	-86
	Communication Services	325	241	84	417	266	151
	b) Transfers	13,754	726	13,028	13,654	677	12,977
	i) Official	59	141	-82	141	137	4
	ii) Private	13,695	585	13,110	13,513	540	12,973
	c) Income	2,855	5,714	-2,859	1,973	6,138	-4,165
	i) Investment Income	2,628	5,220	-2,592	1,726	5,693	-3,967
	ii) Compensation of Employees	227	494	-267	247	445	-198
	Total Current Account (I+II)	98,550	110,652	-12,102	98,928	115,726	-16,798
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	52,790	45,252	7,538	67,790	45,595	22,195
	a) Foreign Direct Investment (i+ii)	8,724	5,791	2,933	8,533	5,530	3,003
	i) In India	8,430	2,302	6,128	7,955	1,097	6,858
	Equity	5,991	2,278	3,713	5,452	1,034	4,418
	Reinvested Earnings	2,356	–	2,356	2,356	–	2,356
	Other Capital	83	24	59	147	63	84
	ii) Abroad	294	3,489	-3,195	578	4,433	-3,855
	Equity	294	2,059	-1,765	578	2,483	-1,905
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	1,159	-1,159	–	1,679	-1,679
	b) Portfolio Investment	44,066	39,461	4,605	59,257	40,065	19,192
	i) In India	43,972	39,320	4,652	59,106	39,854	19,252
	FIIs	42,858	39,320	3,538	58,614	39,854	18,760
	ADRs/GDRs	1,114	–	1,114	492	–	492
	ii) Abroad	94	141	-47	151	211	-60
	2. Loans (a+b+c)	23,465	14,467	8,998	26,644	19,998	6,646
	a) External Assistance	3,210	758	2,452	1,271	687	584
	i) By India	19	25	-6	19	25	-6
	ii) To India	3,191	733	2,458	1,252	662	590
	b) Commercial Borrowings	4,430	2,203	2,227	5,953	2,510	3,443
	i) By India	185	243	-58	297	556	-259
	ii) To India	4,245	1,960	2,285	5,656	1,954	3,702
	c) Short Term to India	15,825	11,506	4,319	19,420	16,801	2,619
	i) Suppliers’ Credit >180 days & Buyers’ Credit	14,681	11,506	3,175	18,252	16,801	1,451
	ii) Suppliers’ Credit up to180 days	1,144	–	1,144	1,168	–	1,168
	3. Banking Capital (a+b)	16,745	12,742	4,003	16,992	20,155	-3,163
	a) Commercial Banks	16,743	12,718	4,025	16,992	19,551	-2,559
	i) Assets	3,263	2,558	705	4,195	8,025	-3,830
	ii) Liabilities	13,480	10,160	3,320	12,797	11,526	1,271
	of which: Non-Resident Deposits	11,252	10,133	1,119	11,672	10,628	1,044
	b) Others	2	24	-22	–	604	-604
	4. Rupee Debt Service	–	16	-16	–	1	-1
	5. Other Capital	1,477	5,236	-3,759	698	5,010	-4,312
	Total Capital Account (1 to 5)	94,477	77,713	16,764	112,124	90,759	21,365
C.	Errors & Omissions	–	921	-921	–	1,278	-1,278
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	193,027	189,286	3,741	211,052	207,763	3,289
E.	Monetary Movements (i+ii)	–	3,741	-3,741	–	3,289	-3,289
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	3,741	-3,741	–	3,289	-3,289
	Of which: SDR Allocation	–	–	–	–	–	–

Annex 1: India’s Overall Balance of Payments (contd.)
(Earlier Format)
(US$ million)
Item		Oct-Dec 2010 PR			Jan-Mar 2011 P
		Credit	Debit	Net	Credit	Debit	Net
		43	44	45	46	47	48
A.	CURRENT ACCOUNT
	I. MERCHANDISE	65,898	97,362	-31,464	77,240	107,100	-29,860
	II. INVISIBLES (a+b+c)	55,075	33,588	21,487	52,360	27,904	24,456
	a) Services	38,556	26,662	11,894	35,504	20,996	14,508
	i) Travel	4,429	2,890	1,539	4,518	3,235	1,283
	ii) Transportation	3,713	3,984	-271	4,144	3,238	906
	iii) Insurance	507	403	104	590	301	289
	iv) G.n.i.e.	150	195	-45	165	277	-112
	v) Miscellaneous	29,757	19,190	10,567	26,087	13,945	12,142
	of which
	Software Services	15,684	709	14,975	17,012	326	16,686
	Business Services	7,085	8,014	-929	6,203	6,953	-750
	Financial Services	1,684	1,961	-277	1,777	2,213	-436
	Communication Services	424	304	120	396	341	55
	b) Transfers	14,422	844	13,578	14,679	877	13,802
	i) Official	341	199	142	107	154	-47
	ii) Private	14,081	645	13,436	14,572	723	13,849
	c) Income	2,097	6,082	-3,985	2,177	6,031	-3,854
	i) Investment Income	1,811	5,504	-3,693	1,820	5,468	-3,648
	ii) Compensation of Employees	286	578	-292	357	563	-206
	Total Current Account (I+II)	120,973	130,950	-9,977	129,600	135,004	-5,404
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	110,583	103,656	6,927	55,733	54,959	774
	a) Foreign Direct Investment (i+ii)	8,788	8,159	629	6,899	6,322	577
	i) In India	7,704	2,200	5,504	6,293	1,419	4,874
	Equity	5,253	1,861	3,392	3,610	1,341	2,269
	Reinvested Earnings	2,356	–	2,356	2,356	–	2,356
	Other Capital	95	339	-244	327	78	249
	ii) Abroad	1,084	5,959	-4,875	606	4,903	-4,297
	Equity	1,084	3,265	-2,181	606	2,429	-1,823
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	2,423	-2,423	–	2,203	-2,203
	b) Portfolio Investment	101,795	95,497	6,298	48,834	48,637	197
	i) In India	101,656	94,265	7,391	48,441	48,265	176
	FIIs	101,423	94,265	7,158	48,231	48,265	-34
	ADRs/GDRs	233	–	233	210	–	210
	ii) Abroad	139	1,232	-1,093	393	372	21
	2. Loans (a+b+c)	26,598	20,257	6,341	29,995	24,121	5,874
	a) External Assistance	1,935	781	1,154	1,465	714	751
	i) By India	19	25	-6	19	25	-6
	ii) To India	1,916	756	1,160	1,446	689	757
	b) Commercial Borrowings	6,326	2,484	3,842	6,380	3,965	2,415
	i) By India	570	222	348	788	491	297
	ii) To India	5,756	2,262	3,494	5,592	3,474	2,118
	c) Short Term to India	18,337	16,992	1,345	22,150	19,442	2,708
	i) Suppliers’ Credit >180 days & Buyers’ Credit	18,031	16,992	1,039	21,122	19,442	1,680
	ii) Suppliers’ Credit up to 180 days	306	–	306	1,028	–	1,028
	3. Banking Capital (a+b)	33,103	28,202	4,901	25,484	26,262	-778
	a) Commercial Banks	33,016	28,202	4,814	23,871	25,717	-1,846
	i) Assets	19,992	15,240	4,752	7,920	12,843	-4,923
	ii) Liabilities	13,024	12,962	62	15,951	12,874	3,077
	of which: Non-Resident Deposits	12,566	12,380	186	13,763	12,873	890
	b) Others	87	–	87	1,613	545	1,068
	4. Rupee Debt Service	–	–	–	–	52	-52
	5. Other Capital	3,427	8,216	-4,789	4,511	2,091	2,420
	Total Capital Account (1 to 5)	173,711	160,331	13,380	115,723	107,485	8,238
C.	Errors & Omissions	586	–	586	–	803	-803
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	295,270	291,281	3,989	245,323	243,292	2,031
E.	Monetary Movements (i+ii)	–	3,989	-3,989	–	2,031	-2,031
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	3,989	-3,989	–	2,031	-2,031
	Of which: SDR Allocation	–	–	–	–	–	–

Annex 1: India’s Overall Balance of Payments (concld.)
(Earlier Format)
(US$ million)
Item		Apr-Jun 2011 P			Apr-Jun 2010 PR
		Credit	Debit	Net	Credit	Debit	Net
		49	50	51	52	53	54
A.	CURRENT ACCOUNT
	I. MERCHANDISE	80,584	116,121	-35,537	55,301	87,160	-31,859
	II. INVISIBLES (a+b+c)	47,598	26,266	21,332	43,249	23,492	19,757
	a) Services	30,955	18,887	12,068	26,640	17,052	9,588
	i) Travel	3,625	3,488	137	2,949	2,335	614
	ii) Transportation	4,214	4,073	141	3,143	3,134	9
	iii) Insurance	538	308	230	410	310	100
	iv) G.n.i.e.	141	205	-64	94	143	-49
	v) Miscellaneous	22,437	10,813	11,624	20,044	11,130	8,914
	of which
	Software Services	14,504	309	14,195	13,114	575	12,539
	Business Services	5,430	6,384	-954	4,819	5,916	-1,097
	Financial Services	1,282	1,789	-507	1,228	1,404	-176
	Communication Services	360	423	-63	325	241	84
	b) Transfers	14,464	858	13,606	13,754	726	13,028
	i) Official	45	146	-101	59	141	-82
	ii) Private	14,419	712	13,707	13,695	585	13,110
	c) Income	2,179	6,521	-4,342	2,855	5,714	-2,859
	i) Investment Income	1,881	6,125	-4,244	2,628	5,220	-2,592
	ii) Compensation of Employees	298	396	-98	227	494	-267
	Total Current Account (I+II)	128,182	142,387	-14,205	98,550	110,652	-12,102
B.	CAPITAL ACCOUNT
	1. Foreign Investment (a+b)	66,628	56,898	9,730	52,790	45,252	7,538
	a) Foreign Direct Investment (i+ii)	17,927	10,738	7,189	8,724	5,791	2,933
	i. In India	17,523	4,641	12,882	8,430	2,302	6,128
	Equity	13,660	4,308	9,352	5,991	2,278	3,713
	Reinvested Earnings	2,405	–	2,405	2,356	–	2,356
	Other Capital	1,458	333	1,125	83	24	59
	ii. Abroad	404	6,097	-5,693	294	3,489	-3,195
	Equity	404	1,693	-1,289	294	2,059	-1,765
	Reinvested Earnings	–	271	-271	–	271	-271
	Other Capital	–	4,133	-4,133	–	1,159	-1,159
	b) Portfolio Investment	48,701	46,160	2,541	44,066	39,461	4,605
	In India	48,607	45,857	2,750	43,972	39,320	4,652
	FIIs	48,329	45,857	2,472	42,858	39,320	3,538
	ADRs/GDRs	278	–	278	1,114	–	1,114
	Abroad	94	303	-209	94	141	-47
	2. Loans (a+b+c)	31,672	25,285	6,387	23,465	14,467	8,998
	a) External Assistance	1,238	853	385	3,210	758	2,452
	i) By India	18	24	-6	19	25	-6
	ii) To India	1,220	829	391	3,191	733	2,458
	b) Commercial Borrowings	6,269	3,336	2,933	4,430	2,203	2,227
	i) By India	339	319	20	185	243	-58
	ii) To India	5,930	3,017	2,913	4,245	1,960	2,285
	c) Short Term to India	24,165	21,096	3,069	15,825	11,506	4,319
	i) Supplier’s Credit >180 days & Buyers Credit	22,682	21,096	1,586	14,681	11,506	3,175
	ii) Supplier’s Credit up to180 days	1,483	–	1,483	1,144	–	1,144
	3. Banking Capital (a+b)	28,767	16,104	12,663	16,745	12,742	4,003
	a) Commercial Banks	28,736	16,077	12,659	16,743	12,718	4,025
	i) Assets	10,858	4,595	6,263	3,263	2,558	705
	ii) Liabilities	17,878	11,482	6,396	13,480	10,160	3,320
	of which: Non-Resident Deposits	12,488	11,337	1,151	11,252	10,133	1,119
	b) Others	31	27	4	2	24	-22
	4. Rupee Debt Service	–	31	-31	–	16	-16
	5. Other Capital	238	8,047	-7,809	1,477	5,236	-3,759
	Total Capital Account (1 to 5)	127,305	106,365	20,940	94,477	77,713	16,764
C.	Errors & Omissions	–	1,293	-1,293	–	921	-921
D.	Overall Balance (Total Current Account, Capital Account and Errors & Omissions (A+B+C))	255,487	250,045	5,442	193,027	189,286	3,741
E.	Monetary Movements (i+ii)	–	5,442	-5,442	–	3,741	-3,741
	i) I.M.F.	–	–	–	–	–	–
	ii) Foreign Exchange Reserves ( Increase - / Decrease +)	–	5,442	-5,442	–	3,741	-3,741
	Of which: SDR Allocation	–	–	–	–	–	–

* Prepared in the Division of International Trade and Finance, Department of Economic and Policy Research, Reserve Bank of India.

¹ The Balance of Payments data are compiled and presented based on the IMF guidelines set out in its Balance of Payments Manual Sixth Edition (BPM-6) as recommended by the Report of the Working Group on Balance of Payments Manual for India (Chairman: Shri Deepak Mohanty).