India's invisible surplus — the net of services trade, primary income, and secondary income — widened sharply in the quarter ended March 2026 and over the full fiscal year, driven by strong services exports and a 30% surge in remittances, according to data reported by Business-Today via the Times of India. The surplus rose to $90,513.93 million in Q4 FY26, up 24.05% from $72,968.57 million a year earlier, providing a larger buffer for the current account.
Services Exports Lead the Surplus
Net services remained the main driver of the invisible surplus, contributing $60,356.24 million in Q4 FY26, up 13.21% year-on-year. For the full fiscal year FY26, net services stood at $216,614.79 million, up 14.71% from $188,840.29 million in FY25. Within services, telecommunications, computer, and information services led the gains, with net receipts of $46,839.93 million in Q4 FY26 (up 13.06%) and $179,302.48 million for FY26 (up 12.72%).
Remittances Surge 30%
Net secondary income, which includes remittances, accelerated sharply in the quarter. It rose to $41,266.35 million in Q4 FY26, up 30.87% from a year earlier. For FY26, net secondary income was $143,640.51 million, up 16.30% from $123,506.05 million in FY25. Within that, 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%).
Specifically, the line item "Remittance from Indian workers abroad for family maintenance and savings" rose from $87,554.45 million in FY25 to $110,470.73 million in FY26, according to the report. This reflects continued strength in overseas incomes supporting the balance of payments.
Primary Income Outflows Contained
Primary income outflows, which represent investment income payments such as dividends and interest, remained stable, limiting 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.
Total invisible payments grew only modestly, rising 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.
| Metric | Q4 FY26 | Q4 FY25 | Change | FY26 | FY25 | Change |
|---|---|---|---|---|---|---|
| Invisible Surplus | $90,513.93M | $72,968.57M | +24.05% | $312,047.60M | $263,999.67M | +18.20% |
| Net Services | $60,356.24M | $53,314.00M (approx) | +13.21% | $216,614.79M | $188,840.29M | +14.71% |
| Net Secondary Income | $41,266.35M | $31,534.00M (approx) | +30.87% | $143,640.51M | $123,506.05M | +16.30% |
| Net Primary Income | -$11,108.66M | -$11,879.00M (approx) | narrowed | -$48,207.70M | -$48,207.70M (approx) | unchanged |
Implications for the Current Account
The widening invisible surplus provides a larger cushion to India's current account deficit (CAD), which is the difference between the country's total exports and imports of goods, services, and transfers. With services exports and remittances growing robustly and primary outflows contained, the balance of payments position remains supportive despite potential headwinds from merchandise trade. The data underscores the structural strength of India's services sector and the diaspora's contribution to external stability.
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