Mumbai: The Indian account balance currently shows a surplus of 0.9 percent of GDP in the financial year 2020-21, although the Pandemic Covid-19, data issued by the Reserve Bank of India (RBI) showed on Wednesday.
The current account balance shows a deficit of 0.9 percent in the same period last year.
However, the transaction deficit widened to $ 8.1 billion or 1 percent of the GDP for the March quarter, with a surplus of $ 0.6 billion or 0.1 percent of GDP in the year to year and the deficit of 0.3 percent in the quarter December.
RBI said the current account balance at FY21 swung to the surplus area behind sharp contractions in the trade deficit to $ 102.2 billion from $ 157.5 billion in 2019-20.
Apart from the pandemic, the inflow of foreign direct foreign investment at $ 44 billion was higher at FY21 than $ 43 billion in 2019-20, the Central Bank added.
Furthermore, net foreign portfolio investment also increased by $ 36.1 billion in FY21 compared to $ 1.4 billion a year ago, he said.
External commercial loans by India Inc.
noted the current inflow of $ 0.2 billion compared to $ 21.7 billion in 2019-20, RBI data showed.
(With input from PTI)
India reports a current account surplus of 0.9% at FY21
