India records current account surplus of $19.8 bn in Q1-2020-21

Published On: Thursday, October 1, 2020 | By: Team KnowMyStock

The current account balance (CAB) of India recorded a surplus of $19.8 billion (3.9 percent of GDP) in Q1 of 2020-21. This contrasts with a deficit of $ 15 billion (2.1 percent of GDP) in April-June 2019 (Q1Fy20). The surplus in April-June 2020 (Q1Fy21) comes on top of a surplus of $0.6 billion (0.1 percent of GDP) in the preceding quarter (Q4 Fy20), said the Reserve Bank of India in a statement. The surplus was due to a sharp contraction in the trade deficit to $10 billion, as the country’s merchandise imports declined sharply relative to exports on a year-on-year basis. Net services receipts remained stable, primarily on the back of earnings from computer services. Private transfer receipts, comprising broadly remittances by Indians working overseas, amounted to $ 18.2 billion--a decline of 8.7 percent from their level a year ago.

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