Key Points
India's current account deficit (CAD) declined sharply to 1 per cent of the gross domestic product (GDP) or $8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to data released by the Reserve Bank of India (RBI) on Tuesday, December 26..
CAD was $9.2 billion or 1.1 per cent of GDP in the first quarter (April-June) of the current financial year 2023-24..
"Underlying the lower current account deficit on a year-on-year (y-o-y) basis in Q2:2023-24 was the narrowing of merchandise trade deficit to $61.0 billion from $78.3 billion in Q2:2022-23," said the data on Developments in India's Balance of Payments during the second quarter (July-September) of 2023-24..
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