India’s current account posts deficit of $ 8.1 billion for the March quarter
Updated: June 30, 2021 10:52 PM STI
New Delhi [India], June 30 (ANI): India’s current account (CAB) recorded a deficit of USD 8.1 billion for the fourth quarter of fiscal year 2020-21, or 1% of gross domestic product (GDP), according to data released Wednesday by the Reserve Bank of India.
In addition, the country’s current account (CAB) recorded a surplus of 0.6 billion USD for the fourth quarter of fiscal year 2019-20.
The RBI also said that the previous quarter (third quarter) of fiscal year 2020-21 also reported a deficit of $ 2.2 billion.
According to a statement issued by the RBI, net claims of non-residents in India increased by $ 11.2 billion in the fourth quarter of fiscal year 2020-21 to reach $ 352.7 billion in March 2021.
“In 2020-2021, the net claims of non-residents on India decreased by USD 22.7 billion: the increase in foreign assets of Indian residents (USD 141.2 billion) exceeded the increase in assets held by foreigners in India (118.5 billion USD) ”says the RBI.
Meanwhile, India’s net international investment position to GDP ratio also improved to (-) 13.1% in March 2021, from (-) 13.9% a year ago.
“Private transfer receipts, mainly representing remittances from Indians employed abroad, rose to $ 20.9 billion, up 1.7% from year-ago level “said the RBI. (ANI)