New Delhi: The current account deficit (CAD) of India surged to $36.4 billion or 4.4% of the GDP (Gross Domestic Product) in the second quarter of the current fiscal. Data released by the Reserve Bank of India (RBI) revealed this. Falling exports and high crude prices are the reason for this.
India’s current account balance recorded a deficit of $36.4 billion in July-September 2022-23. It was at $18.2 billion (2.2% of GDP) in the first quarter of the fiscal and $9.7 billion (1.3% of GDP) in the year ago period.
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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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