Mumbai: The current account deficit of the country narrowed to $1.3 billion dollars or 0.2% of GDP in the January-March quarter of last fiscal. Data released by the Reserve Bank of India (RBI) revealed this. The decline was mainly due to narrowing of merchandise trade deficit and a robust increase in services exports.
Current account deficit occurs when the value of goods and services imported and other payments exceeds the value of export of goods and services and other receipts by a country in a particular period. Trade deficit is the difference between imports and exports of the country.
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It was at $18.2 billion or 2.2% of the GDP in the December quarter of the current fiscal. The Current Account Deficit (CAD) was $30.9 billion or 3.7% of the GDP in the second quarter of 2022-23 and at $2.2 billion or 2.7% of the GDP in the December quarter of 2021-22.
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