India just flipped its balance of payments (BoP) from a $6.4 billion deficit last year to a $66.8 billion surplus in the first half of fiscal 2027.
The BoP surplus is mainly attributable to capital account inflows from Non-Resident Indian (NRI) deposits.
India capital account hits $92.6 billion
September 2026 alone saw an $8.8 billion BoP surplus, a sharp turnaround from last year's deficit for the same month.
The capital account surplus soared to $92.6 billion, thanks largely to NRI deposits, short-term credit, and more foreign direct investment, even as trade deficits grew and portfolio investments dipped.
In short, global connections and services helped keep India's financial position strong this year.