India's April-December trade deficit shrinks to $89.5 billion
31 Mar 2010
India's trade deficit narrowed to $89.5 billion during April-December 2009 from $98.4 billion in April-December 2008, mainly on account of both lower oil and non-oil import payments.
Invisible receipts recorded a decline of 7.7 per cent during April-December 2009, against an increase of 22.2 per cent in the corresponding period of the previous fiscal, mainly due to the lower receipts under almost all components of services coupled with lower investment income receipts, a government release said.
Private transfer receipts, comprising mainly remittances from Indians working overseas, increased to $40.8 billion in April-December 2009 from $37.1 billion in the corresponding period of the previous year.
Private transfer receipts constituted 16.9 per cent of current receipts in April-December 2009 (13.4 per cent in the corresponding period of the previous year).
Under private transfers, the inward remittances for family maintenance accounted for about 52.7 per cent of the total private transfer receipts, while local withdrawals accounted for about 43.7 per cent in April-December 2009.
Receipts from software exports showed a marginal decline of 1.7 per cent at $34.9 billion in April-December 2009.
Invisibles payments witnessed a positive growth of 3.7 per cent in April-December 2009 (10.4 per cent in April-December 2008) mainly supported by higher business, communication and financial services, and increase in payments under investment income account, an official release said.
