RBI’s BoP data shows a $5.7 billion surplus for March 2024, driven by service exports and $107 billion remittances. It reverses an $8.7 billion deficit. Fiscal year’s deficit is $23.3 billion. Merchandise trade deficit narrowed. Despite the surplus, net FDI flows dropped, and rupee appreciation is unlikely. Global Captive Centers indicate services expansion, but domestic manufacturing growth remains subdued.
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