The Reserve Bank of India (RBI) in its report on the Developments in India's Balance of Payments has said that India recorded a current account surplus of $5.7 billion or 0.6 per cent of Gross Domestic Product (GDP) in the January-March quarter. In the year-ago period, the current account deficit stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023. For FY24, the current account deficit narrowed to $23.2 billion or 0.7 per cent of GDP against $67 billion or 2 per cent of GDP in FY23.
In January-March 2024, the merchandise trade deficit stood at $50.9 billion, lower than the $52.6 billion a year ago. It said net services receipts at $42.7 billion were higher than the $39.1 billion on the back of a 4.1 per cent growth in the segment, and added that this helped in swinging the current account into the surplus territory. Net outgo on the primary income account, mainly reflecting payments of investment income, increased to $14.8 billion from $12.6 billion a year ago.
Private transfer receipts, which mainly represent remittances by Indians employed overseas, grew 11.9 per cent to $32 billion in the March quarter. The non-resident deposits also surged to $5.4 billion in January-March compared to $3.6 billion in the year-ago period. Net foreign direct investment flows were $2 billion in Q4 FY24 against $6.4 billion a year ago. Foreign portfolio investment recorded a net inflow of $11.4 billion during the quarter compared to a net outflow of $1.7 billion a year ago. Net inflows under external commercial borrowings to India were $2.6 billion against $1.7 billion. In FY24, the portfolio investment recorded a net inflow of $44.1 billion against an outflow of $5.2 billion a year ago, while net FDI plummeted to $9.8 billion from $28 billion in FY23.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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