Developments in India’s Balance of Payments during the First Quarter of 2026-27

September 01, 2026

Developments in India’s Balance of Payments during the First Quarter (April-June) of 2026-27

Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1) of 2026-27, i.e., April-June 2026, are presented in Statements I and II.

Key Features of India’s BoP in Q1:2026-27

• India’s current account deficit stood at US$ 4.2 billion (0.5 per cent of GDP) in Q1:2026-27 as compared to US$ 3.4 billion (0.4 per cent of GDP) in Q1:2025-26 (Table 1).
• Merchandise trade deficit at US$ 86.1 billion in Q1:2026-27 was higher than US$ 68.9 billion in Q1:2025-26.
• Net services receipts increased to US$ 51.6 billion in Q1:2026-27 from US$ 47.9 billion a year ago.
• Services exports have risen on a year-on-year basis in major categories such as computer services, other business services and transportation services.
• Net outgo on the primary income account, mainly reflecting payments of investment income, decreased to US$ 10.5 billion in Q1:2026-27 from US$ 13.3 billion in Q1:2025-26.
• Personal transfer receipts under secondary income account, mainly representing remittances by Indians employed overseas, rose to US$ 42.9 billion in Q1:2026-27 from US$ 33.2 billion in Q1:2025-26.
• In the financial account, foreign direct investment (FDI) recorded a net inflow of US$ 6.1 billion in Q1:2026-27, higher than US$ 5.2 billion in Q1:2025-26.
• Foreign portfolio investment (FPI) recorded a net outflow of US$ 9.6 billion in Q1:2026-27 as against a net inflow of US$ 1.6 billion in Q1:2025-26.
• Non-resident deposits (NRI deposits) recorded a net inflow of US$ 2.8 billion in Q1:2026-27 as compared to US$ 3.6 billion in Q1:2025-26.
• Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 3.3 billion in Q1:2026-27 as compared to US$ 4.4 billion in Q1:2025-26.
• Foreign exchange reserves depleted by US$ 8.1 billion (on a BoP basis) in Q1:2026-27 as against an accretion of US$ 4.5 billion in Q1:2025-26 (Table 1).

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भारतीय ᳯरज़वर् बᱹक RESERVE BANK OF INDIA वेबसाइट : www.rbi.org.in/hindi Website : www.rbi.org.in ई-मेल/email : helpdoc@rbi.org.in

संचार िवभाग, कᱶᮤीय कायार्लय, शहीद भगत ᳲसंह मागर्, फोटर्, मुंबई - 400 001 Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001 फोन/Phone: 022 - 2266 0502

Table 1: Major Items of India's Balance of Payments
(US$ billion)

PR: Partially Revised; and P: Preliminary.
Note: Total of sub-components may not tally with aggregate due to rounding off.

(Brij Raj)
Chief General Manager

Press Release: 2026-2027/1015