Growth in banks' credit surpassing deposits: RBI
Mumbai: India’s current account deficit declined sharply to one per cent of the 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 a RBI data released on Tuesday. The current account deficit (CAD) was 3.8 per cent of GDP or $ 30.9 billion in July-September quarter in 2022-23. 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 of 2023-24 was the narrowing of merchandise trade deficit to $ 61.0 billion from $ 78.3 billion in the second quarter FY23,” said the data on Developments in India’s Balance of Payments during the second quarter (July-September) of 2023-24.
