Financial Daily from THE HINDU group of publications
Tuesday, Jul 01, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 01, 2003 |
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Economy Industry & Economy - Economy BoP surplus lower by $1.88 b in Jan-March Our Bureau
MUMBAI, June 30 INDIA's balance of payments surplus was lower by $1.88 billion in the January - March 2003 quarter at $ 4.31 billion, as compared to a surplus of $6.19 billion in the same period the previous year, according to the data released by Reserve Bank of India today. During the quarter, the current account showed a lower surplus of $1 billion as against $2.2 billion in the year ago period. "The lower current account surplus can be attributed to higher growth in imports and lower receipts on services account," said an RBI press release. The trade deficit has increased to $2.7 billion from $2.3 billion in the quarter as merchandise exports and imports being at $14.6 billion and $17.3 billion (on the payment basis) as compared to $12.3 billion and $14.6 billion in the corresponding period in the previous year. Services (net) receipts were also lower at $1.1 billion ($1.7 billion) Private transfer (net) receipts were marginally higher at $3.4 billion ($3.2 billion). The RBI figures show that FDI inflows were significantly lower at $600 million ($1.2 billion). Portfolio investment recorded a net inflow of $600 million ($700 million). Net inflows on account of NRI deposits were also lower at $437 million as against $500 million in the previous quarter. Under banking capital (excluding NRI deposits), net assets of commercial banks, which mainly include foreign currency holdings, investment in securities, fixed deposits and loans, increased by $1,007 million ($955 million). The net liability position, which includes inter-bank borrowings remained almost unchanged, said the release. Other capital, which includes items such as delayed export receipts, funds held abroad, India's subscription to international institutions etc, increased by $796 million ($98 million). For the financial year ended March 2003, the balance of payments surplus was $17 billion as against $11.8 billion in the previous year. During this time, the current account surplus rose to $3.7 billion from $800 million in the previous year. RBI has said that the quarterly BoP data for 2002-03 for the quarters April-June, July-September and October-December 2002 have been revised taking into account latest data on exports, imports, software exports, external assistance, external commercial borrowings and NRI deposits. Data for 2000-01 and 2001-02 are also revised, mostly due to enhanced coverage of FDI statistics to approach the international best practices.
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