India's current account swings to $13.5 bn surplus in March quarter: RBI

India's current account balance recorded a surplus of $13.5 billion (1.3 per cent of GDP) in January-March quarter of 2024-25 as compared with $4.6 billion (0.5 per cent of GDP) in the year-ago period, RBI said on Friday.

The current account was in deficit of $11.3 billion (1.1 per cent of GDP) in December quarter of 2024-25.

On annual basis, India had a current account deficit at $23.3 billion (0.6 per cent of GDP) during 2024-25, lower than $26 billion (0.7 per cent of GDP) during 2023-24, primarily due to higher net invisibles receipts.

Merchandise trade deficit at $59.5 billion in Q4:2024-25 was higher than $52 billion in Q4:2023-24, according to Reserve Bank's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2024-25.

However, it moderated from $79.3 billion in Q3:2024-25.

Net services receipts increased to $53.3 billion in Q4:2024-25 from $42.7 billion a year ago.

Services exports have risen on a y-o-y basis in major categories such as business services and computer services.