India current account posted a USD 0.6 billion surplus in the first quarter of 2020, compared to a USD 4.6 billion deficit a year earlier, and equivalent to 0.1 percent of the GDP. It is the first current account surplus since the first quarter of 2009, mainly due to a lower trade deficit on goods (USD -35 billion vs USD -35.2 billion) and a smaller primary income gap (USD -4.8 billion vs USD -6.9 billion). Also, the services surplus narrowed to USD 22 billion from USD 21.3 billion and the secondary income surplus went up to USD 18.4 billion from USD 16.2 billion. Services receipts increased due to net earnings from computer and travel services and private transfer receipts, mainly representing remittances by Indians employed overseas, increased to USD 20.6 billion, up by 14.8 percent from their level a year ago. Considering the 2019/2020 fiscal year (April 2019 to March 2020), India current account gap narrowed to 0.9 percent of the GDP from 2.1 percent.
Current Account in India averaged -2176.04 USD Million from 1949 until 2020, reaching an all time high of 7360 USD Million in the first quarter of 2004 and a record low of -31857.18 USD Million in the fourth quarter of 2012. This page provides - India Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Current Account - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Reserve Bank of India
Current Account in India is expected to be 1200.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in India to stand at -12000.00 in 12 months time. In the long-term, the India Current Account is projected to trend around -12600.00 USD Million in 2021 and -14400.00 USD Million in 2022, according to our econometric models.