Contact Your Financial Adviser Money Making MC
15 September 2017
 |
CAD (The Total Investment & Insurance Solutions)
The
current account deficit soared to USD 14.3 billion, or 2.4 percent of gross
domestic product (GDP), in the first quarter of fiscal 2018, from USD 0.4
billion a year ago, the Reserve Bank said on Friday.
It is also higher than USD 3.4 billion or 0.6
percent recorded in the quarter ended March. The Total Investment & Insurance
Solutions
“The widening of the CAD on a year-on-year
basis was primarily on account of a higher trade deficit which stood at USD
41.2 billion, brought about by a larger increase in merchandise imports
relative to exports,” RBI said.
Net services receipts increased by 15.7 percent mainly on the
back of a rise in net earnings from travel, construction and other business
services. According
to RBI data, private transfer receipts, mainly representing remittances by
Indians employed overseas, amounted to USD 16.1 billion, registering an
increase of 5.3 percent as compared to the previous level a year ago.
In the financial account, net foreign direct
investment stood at USD 7.2 billion almost doubled from its level during the
same period a year ago.
Net portfolio investment recorded substantial
inflow of USD 12.5 billion in Q1, primarily in the debt segment, as compared
with USD 2.1 billion in Q1 of last year.
Net receipts on account of non-resident
deposits amounted to USD 1.2 billion in Q1 of 2017-18; this was lower than USD
1.4 billion a year ago.
In Q1 of 2017-18, there was an accretion of
USD 11.4 billion to the foreign exchange reserves (on BoP basis) as compared
with USD 7.0 billion in Q1 of 2016-17 and USD 7.3 billion in the preceding
quarter.The Total Investment &
Insurance Solutions
No comments:
Post a Comment