Mumbai: Date released by the Reserve Bank of India (RBI) revealed that India’s current account deficit declined to $18.2 billion or 2.2% of the GDP in the December quarter of the current fiscal. The decline was mainly due to narrowing of merchandise trade deficit.
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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RBI updated that services exports reported a growth of 24.5% on a year-on-year (y-o-y) basis on the back of rising exports of software, business and travel services.
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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