The RBI cut rates by 1.25 points. New loans got 0.80 points cheaper.
Banks passed 80 of the RBI's 125 bps of rate cuts to new-loan prices. Now the repo is back up to 5.50% and cuts are off the table.
CapitalVia Research Desk ·
Data story · Nov 2026
India's trade · September 2026
64%
India's services surplus covered 64% of its goods trade gap in September
India bought $30.2 billion more goods than it sold. Its software, consulting and other services earned back $19.2 billion of that. A year ago, services covered 57%.
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How much of the goods gap services paid for
Full bar = goods trade deficit (imports minus exports). Blue = net services surplus.
Sept 2025 · gap $33.0 bn57%
Services covered $18.8 bn$14.2 bn left
Sept 2026 · gap $30.2 bn64%
Services covered $19.2 bn$11.0 bn left
Services surplus, Sept 2026Sept 2025Gap left uncovered
The gap left after services shrank from $14.2 bn to $11.0 bn in a year. Bar lengths are drawn to scale.
But India is buying services faster than it sells them
Year-on-year growth, services exports vs imports (RBI, provisional)
Jul
Aug
Sep
Exports (receipts)Imports (payments)September export slowdown
September: exports $39.3 bn, imports $20.1 bn. Across July–September, the net services surplus was $53.4 bn.
The first estimate said services exports fell
September services exports, two official counts
15 Oct · Commerce estimate
$36.4 bn
−0.9% vs a year ago
30 Oct · RBI data
$39.3 bn
+7.2% vs a year ago
The trade ministry fills in services with an estimate until RBI reports. This time the estimate was $3.0 bn short, so India's combined goods-and-services deficit was about $11.0 bn, not the $13.3 bn first reported.
Why it matters
Salaried professionals
Services exports are IT, consulting, design and back-office work. September's growth fell to 7.2%. Slower growth here is worth watching if you work for an export-facing firm.
Founders
India is paying more for foreign services such as software, cloud, travel and freight: up 12.6% in September. If you sell services that replace imports, that is your market.
Business leaders
The services surplus does much of the work keeping India's external balance steady, which affects the rupee and your import costs.
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