Highlights Of India’s BoP For January-March 2025-26

India posted a current account surplus in January-March, helped by services and remittances, while the full-year current account deficit remained steady at 0.6% of GDP despite a wider merchandise trade gap.

The following are the key highlights of the Reserve Bank of India’s balance of payments data.

January-March Current Account
• India posts January-March current account surplus of $7.1 billion
• Current account surplus was 0.7% of GDP in January-March
• Surplus narrowed from $13.7 billion a year earlier
• Year-earlier current account surplus was 1.4% of GDP
• October-December current account gap revised to $15.5 billion
• October-December current account gap revised to 1.5% of GDP

January-March Trade
• Merchandise trade deficit widened to $83.4 billion
• Trade deficit was $59.3 billion a year earlier
• Goods exports stood at $113.1 billion in January-March
• Goods imports stood at $196.6 billion in January-March
• POL trade deficit narrowed to $26.3 billion
• POL trade gap was $30.2 billion a year earlier

January-March Services
• Net services receipts rose to $60.4 billion
• Net services receipts were $53.3 billion a year earlier
• Services exports rose to $111.1 billion
• Services imports stood at $50.7 billion
• Services exports rose year on year in key categories
• Computer services exports rose year on year
• Other business services exports rose year on year

January-March Income And Transfers
• Primary income net outgo fell to $11.1 billion
• Primary income outgo was $11.9 billion a year earlier
• Secondary income net receipts rose to $41.3 billion
• Secondary income receipts were $31.5 billion a year earlier
• Personal transfer receipts rose to $43.5 billion
• Personal transfers were $33.9 billion a year earlier

January-March Financial Account
• Capital and financial account showed $8.4 billion net outflow
• Net outflow was $14.4 billion a year earlier
• Direct investment recorded $4.2 billion net inflow
• FDI inflow was $0.4 billion a year earlier
• Portfolio investment saw $12.0 billion net outflow
• FPI outflow was $5.9 billion a year earlier
• Other investments recorded $16.2 billion net inflow
• Other investment inflow was $7.4 billion a year earlier

January-March Deposits, Borrowings, Reserves
• NRI deposits recorded $3.3 billion net inflow
• NRI deposit inflow was $2.8 billion a year earlier
• ECB inflows to India stood at $3.6 billion
• ECB inflows were $7.5 billion a year earlier
• Forex reserves rose $7.2 billion on BoP basis
• Reserve accretion was $8.8 billion a year earlier

2025-26 Current Account
• 2025-26 current account deficit stood at $25.2 billion
• Current account deficit was 0.6% of GDP in 2025-26
• Current account gap was $22.9 billion in 2024-25
• Current account gap stayed at 0.6% of GDP in 2024-25
• Full-year CAD stayed contained despite a wider goods deficit

2025-26 Trade
• Merchandise trade deficit widened to $337.3 billion
• Goods deficit was $286.9 billion in 2024-25
• Goods exports rose to $446.1 billion in 2025-26
• Goods imports rose to $783.4 billion in 2025-26
• POL deficit narrowed to $120.1 billion in 2025-26
• POL deficit was $122.4 billion in 2024-25

2025-26 Services And Invisibles
• Net services receipts rose to $216.6 billion
• Net services receipts were $188.8 billion in 2024-25
• Services exports rose to $421.3 billion in 2025-26
• Services imports rose to $204.7 billion in 2025-26
• Net invisibles receipts rose to $312.0 billion
• Net invisibles were $264.0 billion in 2024-25
• Net invisibles were led by services and personal transfers
• Secondary income net receipts rose to $143.6 billion
• Secondary income receipts were $123.5 billion in 2024-25
• Primary income net outgo was almost flat at $48.2 billion

2025-26 Financial Account
• Net FDI inflows rose to $6.9 billion
• Net FDI inflows were $1.0 billion in 2024-25
• FPIs recorded $16.4 billion net outflow in 2025-26
• FPIs had posted $3.6 billion net inflow in 2024-25
• Other investments recorded $35.7 billion net inflow
• Other investment inflow was $34.3 billion in 2024-25

2025-26 Deposits, Borrowings, Reserves
• NRI deposit inflows stood at $14.4 billion
• NRI deposit inflows were $16.2 billion in 2024-25
• ECB inflows to India stood at $14.2 billion
• ECB inflows were $18.5 billion in 2024-25
• Forex reserves depleted $23.6 billion on BoP basis
• Reserves had depleted $5.0 billion in 2024-25

Overall Takeaway
• Services and remittances cushioned the wider trade deficit
• January-March surplus narrowed despite stronger invisibles
• Full-year CAD stayed at 0.6% of GDP despite goods gap
• FPI outflows remained the key pressure point
• FDI improved, while ECB and NRI inflows fell for full year