The Hindu : Current Account surplus zooms to $2.8 b in April-Dec.

Online edition of India's National Newspaper
Wednesday, Apr 02, 2003

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Current Account surplus zooms to $2.8 b in April-Dec.

MUMBAI APRIL 1. The current account balance of India has registered a surplus of $721 million during the third quarter ended December 2002 of the current fiscal compared to $795 million in same period of previous year.

The overall balance of net inflows nearly doubled to $6,109 million during October-December 2002 as against an inflow of $3,624 million in Q3 of fiscal 2001-02, the Reserve Bank of India said in a release here.

Net inflows on account of non-resident deposits at $788 million were lower by $103 million compared to $891 million in October-December 2001, it said.

For the nine months ended December of 2002-03, the current account balance recorded a surplus of $2.8 billion against a deficit of $700 million in April-December 2001.

The overall balance showed more than two times growth with a surplus of $12.7 billion ($5.6 billion), representing accretion to forex reserves excluding valuation changes.

The increase in foreign currency reserves, including valuation changes, was $15.9 billion during April-December 2002.

Net inflows under NRI-deposits stood at $2.2 billion.

The RBI said the trade deficit on payments basis was lower at $9.8 billion ($10.4 billion). Net earnings from invisibles were higher at $12.6 billion ($9.8 billion).

Foreign direct investment in Q3 and nine months was lower at $570 million ($867 million) and $2.3 billion ($2.7 billion) respectively.

Portfolio investment inflows in Q3 grew by almost five times to $745 million ($133 million), the RBI added. — PTI

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