Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3), i.e., October-December 2025-26, are presented in Statements I and II. Key Features of India’s BoP in Q3:2025-26
- India’s current account deficit increased to US$ 13.2 billion (1.3 per cent of GDP) in Q3:2025-26 from US$ 11.3 billion (1.1 per cent of GDP) in Q3:2024-25 (Table 1).1,2
- Merchandise trade deficit at US$ 93.6 billion in Q3:2025-26 was higher than US$ 79.3 billion in Q3:2024-25.
- Net services receipts increased to US$ 57.5 billion in Q3:2025-26 from US$ 51.2 billion a year ago.
- Services exports have risen on a y-o-y basis in major categories such as computer services and other business services.
- Net outgo on the primary income account, mainly reflecting payments of investment income, decreased to US$ 12.2 billion in Q3:2025-26 from US$ 16.4 billion in Q3:2024-25.
- Personal transfer receipts under secondary income account, mainly representing remittances by Indians employed overseas, rose to US$ 36.9 billion in Q3:2025-26 from US$ 35.1 billion in Q3:2024-25.
- In the financial account, foreign direct investment (FDI) recorded a net outflow of US$ 3.7 billion in Q3:2025-26, higher than a net outflow of US$ 2.8 billion in Q3:2024-25.
- Foreign portfolio investment (FPI) recorded a net outflow of US$ 0.2 billion in Q3:2025-26, lower than a net outflow of US$ 11.4 billion in Q3:2024-25.
- Non-resident deposits (NRI deposits) recorded a net inflow of US$ 5.1 billion in Q3:2025-26, higher than US$ 3.1 billion in Q3:2024-25.
- Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 3.3 billion in Q3:2025-26, lower than a net inflow of US$ 4.4 billion in Q3:2024-25.
- Foreign exchange reserves depleted by US$ 24.4 billion (on a BoP basis) in Q3:2025-26 as compared with a depletion of US$ 37.7 billion in Q3:2024-25 (Table 1).
BoP During April-December 2025
- India’s current account deficit moderated to US$ 30.1 billion (1.0 per cent of GDP) in April-December 2025 from US$ 36.6 billion (1.3 per cent of GDP) during April-December 2024 (Table 1).
- Net invisibles receipts3 at US$ 221.5 billion were higher in April-December 2025 than US$ 191.0 billion a year ago, primarily on account of higher net services receipts and net personal transfers.
- Net FDI inflows increased to US$ 3.0 billion in April-December 2025 from US$ 0.6 billion in April-December 2024.
- FPI recorded net outflows of US$ 4.3 billion in April-December 2025 as against net inflows of US$ 9.4 billion a year ago.
- In April-December 2025, foreign exchange reserves depleted by US$ 30.8 billion (on a BoP basis) as compared with a depletion of US$ 13.8 billion a year ago.
Table 1: Major Items of India's Balance of Payments |
(US$ billion) |
| October-December 2024 PR | October-December 2025 P | April-December 2024 PR | April-December 2025 P |
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net |
A. Current Account | 261.7 | 273.0 | -11.3 | 274.9 | 288.0 | -13.2 | 753.5 | 790.1 | -36.6 | 797.6 | 827.7 | -30.1 |
1. Goods | 109.8 | 189.1 | -79.3 | 111.7 | 205.3 | -93.6 | 325.6 | 553.3 | -227.6 | 333.4 | 585.0 | -251.6 |
of which: | | | | | | | | | | | | |
POL | 12.6 | 48.4 | -35.7 | 11.9 | 43.3 | -31.4 | 49.3 | 141.4 | -92.1 | 41.9 | 135.4 | -93.5 |
2. Services | 103.5 | 52.3 | 51.2 | 111.2 | 53.7 | 57.5 | 285.5 | 150.0 | 135.5 | 310.2 | 154.0 | 156.3 |
3. Primary Income | 12.3 | 28.8 | -16.4 | 14.0 | 26.2 | -12.2 | 41.5 | 78.0 | -36.5 | 42.9 | 80.1 | -37.2 |
4. Secondary Income | 36.1 | 2.9 | 33.2 | 37.9 | 2.8 | 35.2 | 100.9 | 8.9 | 92.0 | 111.0 | 8.7 | 102.4 |
B. Capital Account and Financial Account | 320.1 | 309.1 | 11.0 | 484.5 | 470.1 | 14.4 | 900.3 | 864.3 | 36.0 | 1160.6 | 1129.8 | 30.8 |
of which: | | | | | | | | | | | | |
1. Direct Investment | 20.6 | 23.4 | -2.8 | 22.5 | 26.1 | -3.7 | 65.7 | 65.1 | 0.6 | 75.7 | 72.7 | 3.0 |
2. Portfolio Investment | 171.4 | 182.8 | -11.4 | 185.6 | 185.7 | -0.2 | 513.4 | 503.9 | 9.4 | 467.5 | 471.8 | -4.3 |
3. Other Investments | 83.7 | 90.5 | -6.8 | 245.3 | 245.9 | -0.6 | 264.1 | 237.1 | 26.9 | 563.6 | 547.4 | 16.2 |
of which: | | | | | | | | | | | | |
NRI Deposits | 25.9 | 22.8 | 3.1 | 25.9 | 20.9 | 5.1 | 78.3 | 64.9 | 13.3 | 73.0 | 61.9 | 11.1 |
ECBs to India | 11.3 | 6.9 | 4.4 | 7.9 | 4.6 | 3.3 | 32.2 | 21.2 | 11.0 | 25.7 | 17.1 | 8.7 |
4. Reserve Assets [Increase (-)/Decrease (+)] | 37.7 | 0.0 | 37.7 | 24.4 | 0.0 | 24.4 | 37.7 | 23.8 | 13.8 | 35.3 | 4.5 | 30.8 |
C. Errors & Omissions (-) (A+B) | 0.3 | 0.0 | 0.3 | 0.0 | 1.2 | -1.2 | 0.6 | 0.0 | 0.6 | 0.0 | 0.7 | -0.7 |
PR: Partially Revised; and P: Preliminary. |
Note: Total of sub-components may not tally with aggregate due to rounding off. |
(Brij Raj)
Chief General Manager Press Release: 2025-2026/2201
1 The current account deficit for Q2:2025-26 has been revised upwards from US$ 12.3 billion (1.3 per cent of GDP) to US$ 14.1 billion (1.5 per cent of GDP) due to upward revision of imports in Customs data.2 For longer time series data, please see: CIMS DBIE (rbi.org.in) › Statistics › External Sector › International Trade › Quarterly/Yearly. 3 Net invisibles receipts comprise services, primary income and secondary income accounts. |
