Economic Survey 2017: Volume II: Chapter 6: External Sector

India’s external sector continued to be resilient and strong in 2017-18 so far, with the Balance of Payments situation continuing to be comfortable with the Current Account Deficit at 1.8 percent of GDP in the first half (H1) of 2017-18, merchandise exports picking up with a growth of 12.1 percent in April-December 2017, net services receipts increasing by 14.6 percent, and net foreign investment growing by 17.4 percent in H1 of 2017-18 and the external debt indicators improving. Supportive measures in the budget, mid term review of the Foreign Trade Policy and suitable policy changes related to GST helped in overcoming the teething challenges while implementing these major reforms.