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| Mumbai attack, weak foreign mkts pull down invisible receipts |
| Press Trust of India / Mumbai Oct 02, 2009, 10:30 IST |
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In a reflection of depressed overseas markets and impact of Mumbai terror attacks, India's income from tourist services, export of software services among other receipts fell 0.7 per cent in the first quarter of this fiscal from over 30 per cent rise recorded a year ago.
"Invisibles receipts registered a marginal decline of 0.7 per cent in Q1 of 2009-10 (as against a higher growth of 30.3 per cent in Q1 of 2008-09) on account of a decline in almost all categories of services except insurance and financial services and a decline of 20.3 per cent in investment income receipts," according to data from the Reserve Bank.
Invisibles comprise trade in various services like software, travel, insurance, NRI remittances and income from investment.
Income from invisibles stood at $38.6 billion in the first quarter of this fiscal against $38.9 billion a year ago.
However, payments for import of these services and withdrawal by non-residents registered an increase to $18.5 billion over $16.53 billion during the period.
As such net receipts from invisibles was lower at $20.2 billion against $22.4 billion during the period.
Reflecting a slowdown in tourist arrivals in the country, since Mumbai terror attacks in November 2008 travel receipts declined by 8.7 per cent at $2.3 billion in the first quarter of this fiscal against a growth of 19.9 per cent a year ago.
According to the data released by the Tourism Ministry foreign tourist arrivals declined by 1.8 per cent in the first quarter of this fiscal.
Exports of software services declined by 11.5 per cent during the first quarter of this fiscal to $10.76 billion from $12.16 billion a year ago.
According to software apex body Nasscom software services exports are projected to grow by 4-7 per cent to $48-50 billion in the current fiscal.
The NRI remittances by Indians working abroad and other such transfers remained buoyant, increasing by 9.4 per cent to $13.3 billion from $12.2 billion during the period.
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