India posts $4.7 billion April current account surplus, RBI reports
India just logged a $4.7 billion current account surplus this April, bouncing back from last year's $4.8 billion deficit, according to the Reserve Bank of India.
The big turnaround came thanks to stronger services exports and a big jump in money sent home by Indians working abroad.
Still, some of these gains were held back by more spending on imports and increased money flowing out of the country.
Services exports $18.6bn, remittances $16bn
Net services exports grew to $18.6 billion (from $15.9 billion last year), while remittances shot up to $16 billion compared to $9.4 billion before, both giving India's finances a solid boost for the month.
FDI rises $7.4bn, payments deficit $6.6bn
Net foreign direct investment (FDI) increased to $7.4 billion from $1.6 billion a year earlier, but foreign portfolio investors pulled out more cash than last year, and banking capital also flowed out, leaving an overall payments deficit of $6.6 billion despite the surplus on paper.