India’s Overall Balance of Payments

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Published on 30 May 2023

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India’s Overall Balance of Payments

(US$ million)
	2018-19	2019-20	2020-21	2021-22	2022-23 (P)
1	2	3	4	5	6
A. CURRENT ACCOUNT
1 Exports, f.o.b.	3,37,237	3,20,431	2,96,300	4,29,164	3,40,322
2 Imports, c.i.f.	5,17,519	4,77,937	3,98,452	6,18,623	5,54,341
3 Trade Balance	-1,80,283	-1,57,506	-1,02,152	-1,89,459	-2,14,018
4 Invisibles, Net	1,23,026	1,32,850	1,26,065	1,50,694	1,46,937
a) ‘Non-factor’ Services of which :	81,941	84,922	88,565	1,07,516	1,04,218
Software Services	77,654	84,643	89,741	1,09,540	96,914
b) Income	-28,861	-27,281	-35,960	-37,269	-33,395
c) Private Transfers	70,601	76,217	74,439	81,230	76,696
5 Current Account Balance	-57,256	-24,656	23,912	-38,766	-67,081
B. CAPITAL ACCOUNT
1 Foreign Investment, Net (a+b)	30,094	44,417	80,092	21,809	18,190
a) Direct Investment	30,712	43,013	43,955	38,587	21,678
b) Portfolio Investment	-618	1,403	36,137	-16,777	-3,488
2 External Assistance, Net	3,413	3,751	11,167	5,366	3,803
3 Commercial Borrowings, Net	10,416	22,960	-134	8,135	-5,584
4 Short Term Credit, Net	2,021	-1,026	-4,130	20,105	8,123
5 Banking Capital, of which:	7,433	-5,315	-21,067	6,669	25,030
NRI Deposits, Net	10,387	8,627	7,364	3,234	5,408
6 Rupee Debt Service	-31	-69	-64	-71	-61
7 Other Capital, Net^&	1,057	18,462	-2,143	23,794	3,994
8 Total Capital Account	54,403	83,180	63,721	85,807	53,495
C. Errors & Omissions	-486	974	-347	459	-1,129
D. Overall Balance [A(5)+B(8)+C]	-3,339	59,498	87,286	47,501	-14,715
E. Monetary Movements (F+G)	3,339	-59,498	-87,286	-47,501	14,715
F. IMF, Net	0	0	0	0	0
G. Reserves and Monetary Gold (Increase -, Decrease +)	3,339	-59,498	-87,286	-47,501	14,715
of which : SDR Allocation	0	0	0	-17,862	0
Memo: As a ratio to GDP
1 Trade Balance	-6.7	-5.6	-3.8	-6.0	-8.5
2 Net Services	3.0	3.0	3.3	3.4	4.1
3 Net Income	-1.1	-1.0	-1.3	-1.2	-1.3
4 Current Account Balance	-2.1	-0.9	0.9	-1.2	-2.7
5 Capital Account, Net	2.0	2.9	2.4	2.7	2.1
6 Foreign Investment, Net	1.1	1.6	3.0	0.7	0.7
P : Data are provisional and pertain to April-December 2022. & : Includes delayed export receipts, advance payments against imports, net funds held abroad, and advances received pending issue of shares under FDI. Note: 1. Gold and silver brought by returning Indians have been included under imports, with a contra entry in private transfer receipts. 2. Data on exports and imports differ from those given by DGCI&S on account of differences in coverage, valuation, and timing. Source: RBI.