India’s current account deficit declines sharply to 1% of GDP: RBI data
The decline is driven by mainly due to lower merchandise trade deficit and growth in services exports, it added.
Overseas investment by domestic firms fell by over 42 per cent to USD 1.45 billion in December 2020, according to Reserve Bank data.
In the year-ago period, companies in India had invested USD 2.51 billion in their foreign firms (joint ventures / wholly-owned units).
In November 2020, the total outward foreign direct investment (OFDI) was of USD 1.06 billion, down by 27 per cent from a month ago period.
Advertisement
Of the total FDI investment by the Indian companies during the month under review, USD 775.41 million was in the form of equity infusion and USD 382.91 million was in the form of loan.
Investment of USD 287.63 million was in the form of issuance of guarantee, as per the data.
Among major investors, ONGC Videsh Ltd invested a total of USD 131.85 million in joint ventures and wholly-owned subsidiaries in Myanmar, Russia, Vietnam, Colombia, British Virgin Islands among others.
Intas Pharmaceuticals invested USD 75.22 million in a wholly-owned subsidiary in the UK and Tata Consultancy Services invested USD 27.77 million in a wholly-owned unit in Ireland.
Advertisement
