Overview

• India’s current account swung to a $13.5 billion surplus in Q4 FY25, reversing an $11.3 billion deficit in Q3 FY25
• Net services receipts climbed to $53.3 billion from $42.7 billion a year earlier, led by business and computer services
• The merchandise trade deficit widened to $59.5 billion in the March quarter, down from a peak of $79.3 billion in Q3 FY25
• Net foreign direct investment inflows fell to $0.4 billion while foreign portfolio investors withdrew $5.9 billion in Q4 FY25
• Foreign exchange reserves rose by $8.8 billion on a balance of payments basis as the full-year current account deficit narrowed to $23.3 billion