Finance
India’s current account deficit widens to $4.2 billion in Q1 FY27
India's current account deficit reached $4.2 billion in the first quarter of the fiscal year. This widening was primarily driven by a higher merchandise trade deficit, which increased significantly. Net services receipts saw growth, supported by strong computer and transportation service exports. Foreign direct investment recorded a net inflow, while portfolio investment experienced an outflow. The country's foreign exchange reserves decreased by $8.1 billion on a balance of payments basis.
Record 7.8 crore ITRs filed for AY26-27 as August 31 deadline ends
Over 7.8 crore Income Tax Returns were filed for AY 2026-27 by August 31. This marked the close of the revised statutory deadline for non-audit taxpayers. The Income Tax Department thanked taxpayers and professionals for their timely compliance. Non-audit business and professional taxpayers had an extended filing period. Belated returns can be filed until December 31, 2026.
RBI's forex forward book swells to record $136.7 billion
The Reserve Bank of India reported that its foreign exchange forward position hit a new record in July, fueled by enticing measures that drew overseas deposits. This remarkable growth not only surpassed last month’s statistics but also eclipsed the previous peak from May, indicating a robust inflow of dollars into the nation’s financial system.
India's fiscal deficit for April-July at Rs 4.55 lakh crore, narrows to 26.8% of FY27 aim
India's fiscal deficit reached 4.55 lakh crore rupees through July. This figure represents 26.8% of the annual budget estimates for this year. The deficit narrowed significantly compared with year-earlier period. Total receipts stood at Rs 13.06 lakh crore rupees during this time. Overall expenditure also amounted to Rs 17.62 lakh lakh crore rupees.
NIIF raises $2 billion for second infrastructure fund; sets target of $3.2 billion
India’s National Investment and Infrastructure Fund (NIIF) has raised $2 billion in the first close of its second infrastructure fund, backed by investors including AustralianSuper, CPP Investments, Temasek and a wholly owned subsidiary of the Abu Dhabi Investment Authority.
Jan Dhan at 12: Women hold 33 crore of 59 crore accounts
Over Rs 53 lakh crore has been transferred through Direct Benefit Transfer to beneficiaries. Nearly 33 crore women now hold Jan Dhan accounts, enhancing financial inclusion. The Pradhan Mantri Jan Dhan Yojana has completed twelve years of successful operation. This initiative provides basic banking access and financial security to millions. Banking outlets now reach nearly every village, improving accessibility for all.
Govt achieves 78 pc of FY27 divestment, asset monetisation Budget target in Apr-Aug
The government has achieved about 78% of its ₹80,000-crore FY27 disinvestment and asset monetisation target within five months. It has raised ₹62,124 crore so far, led by a ₹31,515-crore LIC stake sale, while the strategic sale of IDBI Bank remains on the table.
Government mobilises about Rs 3,000 crore from Hindustan Copper OFS
The government successfully raised nearly Rs 3,000 crore from selling Hindustan Copper shares. This offer for sale saw strong participation from retail investors, exceeding expectations. The government exercised its full greenshoe option, selling over 5.8 crore shares. This successful disinvestment adds to the Rs 52,716 crore already collected this fiscal year. Disinvestment collections now approach Rs 55,700 crore, nearing the Rs 80,000 crore target.
Fastest-growing India has scale, growth and a young population, Sitharaman tells Canadian investors
Finance Minister Nirmala Sitharaman urged Canadian investors to tap India’s fast-growing economy, highlighting its scale, young population, expanding consumption, digital infrastructure and deepening capital markets. She also stressed opportunities in fintech, payments and financial services, as India and Canada strengthen economic ties through CEPA negotiations, uranium cooperation and plans to more than double bilateral trade by 2030.
Japanese financial institutions flag currency fluctuations
Japanese financial institutions noted currency fluctuations and policy issues affecting investment decisions. They expressed confidence in India's long-term growth prospects and discussed boosting capital flow. Firms stressed simplifying profit repatriation and improving market access for investors. Greater regulatory predictability was also highlighted as important for long-term commitment. Discussions occurred during Commerce and Industry Minister Piyush Goyal's visit.
Must Watch
RBI working to give banknotes in your pocket a longer lease on life
The RBI is exploring ways to extend the life of banknotes, including surface coatings and polymer notes for lower denominations, Deputy Governor Shirish Chandra Murmu said in the central bank’s monthly bulletin.
RBI’s great dollar haul: Where are the $73 billion going?
India has mobilised about $73 billion in foreign currency in under 11 weeks, largely through FCNR(B) deposits, yet the rupee remains near ₹95-96 per dollar. The inflows are primarily strengthening RBI’s foreign-exchange buffers rather than being used to push the currency higher.
India raises $73 bn in forex inflows at record pace
India has mobilised $73 billion in foreign exchange inflows in less than 11 weeks, surpassing the scale and pace of the RBI’s 2013 FCNR(B) swap scheme, the finance ministry said.
Full flow FCNR deposits could hit $100 billion, beat estimates
Strong FCNR(B) deposit inflows have led analysts to raise their estimates for dollar mobilisation through the scheme. Jefferies now expects inflows to reach $90-100 billion by August 31, up from its earlier estimate of $70-80 billion.
India gets $72.8 billion in dollar inflows under RBI swap facility
India has received $72.8 billion in dollar inflows through FCNR(B) deposits, external commercial borrowings and overseas foreign currency borrowings under the RBI’s special swap facility as of August 21.
India's foreign exchange reserves up almost $50 billion since July
India's foreign exchange reserves rose over $9 billion in the week ending August 14. Foreign currency assets and gold reserves significantly contributed to this overall increase. Banks received substantial funds through special deposit schemes and borrowing measures.