Financial Daily from THE HINDU group of publications
Sunday, Jun 30, 2002
Industry & Economy - Economy
BoP surplus at Rs 56,592 cr
MUMBAI, June 29
THE country's balance of payments have registered a surplus of Rs 56,592 crore for the year 2001-02 compared to Rs 27,662 crore in the previous year.
As per latest figures released by the Reserve Bank of India, the total current account registered a surplus of Rs 6,719 crore for the year compared to a deficit of Rs 11,431 crore in the previous year.
Significantly, invisibles in the current account registered a surplus of Rs 67,146 crore as against Rs 53,945 crore.
Analysts said a large part of the increase in invisibles could be attributed to a surge in the NRI remittances. Services in the invisibles category increased to Rs 20,141 crore (Rs 11,401 crore) largely on account of a pick-up in software exports.
The current account also comprised merchandise, which recorded a deficit of Rs 60,427 crore (Rs 65,376 crore). The total capital account stood at a surplus of Rs 45,724 crore (Rs 41,599 crore).
Total foreign investments in the capital account stood at Rs 25,246 crore (Rs 20,890 crore). These include foreign investments into the country, which were at Rs 28,275 crore (Rs 23,267 crore) and foreign investments abroad, which were at a deficit of Rs 3,029 crore (Rs 2,377 crore).
Loans in the capital account recorded a deficit of Rs 4,231 crore (a surplus of Rs 21,178 crore). Under loans, total external assistance stood at Rs 5,418 crore (Rs 2,001 crore) and comprised external assistance by India at a deficit of Rs 412 crore (Rs 78 crore) and external assistance to India was Rs 5,830 crore (Rs 2,079 crore).
Commercial borrowings registered a deficit of Rs 5,413 crore (compared to a surplus of Rs 18,856 crore). Short-term loans to India recorded a deficit of Rs 4,236 crore (a surplus of Rs 321 crore).
Banking capital was Rs 21,883 crore (Rs 3,517 crore) while other capital stood at a surplus of Rs 3,284 crore (a deficit of Rs 1,223 crore).
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