India’s growth outlook is supported by robust domestic engines: RBI
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
The Reserve Bank of India on Monday released monthly data on country’s international trade in service sector that stood down 8.92 per cent to $16.45 billion (about Rs 1.25 lakh crore) in April. The services receipt or exports was at $17.56 billion in the same period a year ago.
The central bank releases monthly data on India’s international trade in services with a lag of around 45 days.
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The report also showed that in March 2020, services exports were at $18,163 billion. Prior to that, the data showed the receipt of the services was at $17,725 billion in the month of February earlier this year.
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As per a press release by RBI, the estimated value of services exports for May 2020 is $15.70 billion.
Services payments or imports also declined by 18.3 per cent to $9.3 billion (about Rs 70,600 crore) in April 2020, leaving a trade balance of $7.15 billion (about Rs 54,300 crore) during the month under review.
The data also showed that the service payments was at $11,112 billion in March and at $11,067 billion in February.
The estimated value of services imports for May is $8.57 billion.
The monthly data on services are provisional and undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.
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