MUMBAI: India’s invisible surplus widened sharply in the quarter ended Mar 2026 and over FY26, driven by strong services exports and higher remittances, while primary income outflows remained contained.The surplus rose to $90,513.93 million in Q4 FY26, up 24.05% from $72,968.57 million a year earlier. For FY26, it expanded to $312,047.60 million, up 18.20% from $263,999.67 million in FY25, providing a larger cushion to the current account.Services exports remained the main driver of the surplus. Net services contributed $60,356.24 million in Q4 FY26, up 13.21% from a year earlier, and $216,614.79 million for FY26, up 14.71%. Within this, telecommunications, computer, and information services led gains, with net receipts at $46,839.93 million in Q4 FY26, up 13.06%, and $179,302.48 million for FY26, up 12.72%.Remittances also accelerated during the period. Net secondary income rose to $41,266.35 million in Q4 FY26, up 30.87% from a year earlier, and $143,640.51 million for FY26, up 16.30%. Net private transfers, a key component, increased to $41,582.70 million in Q4 FY26, up 30.57%, and $144,794.30 million for FY26, up 16.25%.Within private transfers, “Remittance from Indian workers abroad for family maintenance and savings” increased from $87,554.45 million in FY25 to $110,470.73 million in FY26, reflecting continued strength in overseas incomes.Primary income outflows remained stable and limited the drag on the overall surplus. Net primary income stood at -$11,108.66 million in Q4 FY26, narrowing from a year earlier, and at -$48,207.70 million for FY26, almost unchanged from FY25.Growth in outbound payments remained modest. Total invisible payments rose only 1.58% in Q4 FY26 to $76,866.99 million from $75,673.80 million a year earlier, allowing most of the increase in receipts to translate into a higher surplus.
