India’s CAD shrinks in Q4FY23, boosted by trade gap moderation and services exports – The Hindu BusinessLine

https://www.thehindubusinessline.com/economy/indias-cad-shrinks-in-q4-fy23-boosted-by-trade-gap-moderation-and-services-exports/article67015110.ece

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The deficit amounted to $1.3 billion or 0.2% of GDP, marking a substantial decline from the revised deficit of $16.8 billion or 2% of GDP in the previous quarter.

India’s current account deficit narrowed sharply in the January to March quarter, mainly on the back of a moderation in the trade gap and an increase in services exports, the Reserve Bank of India said on Wednesday.

The current account deficit stood at $1.3 billion or 0.2% of GDP in the fourth quarter of fiscal year 2022/23, compared with a revised deficit of $16.8 billion or 2% of GDP in the preceding October-December quarter.

The deficit had stood at $13.4 billion in the same quarter a year ago, the release showed.

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