Kolkata: India reported a $4.7 billion current account surplus in April riding on higher inward remittance flows, Reserve Bank of India data showed.This was a significant turnaround from the $4.8 billion deficit recorded in April last year.The net transfer, which include remittances, foreign aids and pension and gifts, stood at $16 billion in the first month of the fiscal as compared with $9.4% in the year prior.The net merchandise deficit was at $27.9 billion against $27.1 billion deficit earlier."It does appear that exporters have adjusted to the current global economic order and managed to hold on to their position three months into the war. Imports trended higher due to higher crude prices which thus kept the deficit higher," Bank of Baroda chief economist Madan Sabnavis said.The services sector remained in surplus at $18.6 billion as compared with $15.9 billion in April last year.India's capital account, however, turned deficit at $11.3 billion in April as foreign portfolio invetors (FPIs) withdrew 8.7 billion from Indian markets in a risk-off strategy amid the geopolitical conflicts. The FPIs had withdran offloaded $2.1 billion in the same month last year when capital account was in $5.3 billion surplus.Foreign direct investment meanwhile rose to a net $7.4 billion as compared with $1.6 billion a year prior.