The present account stability recorded a deficit of $1.7 billion (0.2 per cent of gross home product) within the third quarter of 2020-21 after a surplus of $15.1 billion (2.4 per cent of GDP) within the second quarter of 2020-21 and $19.0 billion (3.7 per cent of GDP) within the first quarter of 2020-21.
As per knowledge launched by the Reserve Bank of India (RBI), a present account deficit of $2.6 billion (0.4 per cent of GDP) was recorded a 12 months in the past — Q3 of FY20. Underlying the present account deficit in Q3 was an increase within the merchandise commerce deficit to $34.5 billion from $14.8 billion within the previous quarter, and a rise in internet funding revenue funds.
The RBI mentioned internet companies receipts elevated, each sequentially and on a year-on-year foundation, totally on the again of upper internet export earnings from pc companies. “Private transfer receipts, mainly representing remittances by Indians employed overseas, declined marginally on a y-o-y basis but improved sequentially by 1.5 per cent to $20.7 billion in Q3 of 2020-21,” the central financial institution mentioned.
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