Current account deficit (CAD) narrowed sequentially to $10.5 billion in the quarter ended December 2023 (Q3 FY24), 1.2 percent of gross domestic product (GDP), from $11.4 billion in Q2 FY24 (1.3 percent of GDP).

Economy Business

Current account deficit (CAD) narrowed sequentially to $10.5 billion in the quarter ended December 2023 (Q3 FY24), 1.2 percent of gross domestic product (GDP), from $11.4 billion in Q2 FY24 (1.3 percent of GDP). The deficit was also down from $16.8 billion or 2 percent of GDP in the year-ago period (Q3 FY23). Reserve Bank of India (RBI) data showed that the rise in net services receipts more than compensated for a slight rise in merchandise trade deficit in Q3 FY24. Services exports grew by 5.2 percent year-on-year (Y-o-Y) on the back of rising exports of software, business and travel services.


      The merchandise trade deficit was at $71.6 billion in Q3 FY24 compared to $71.3 billion a year ago.

      Net services receipts rose to $45 billion in Q3 from $38.7 billion in Q3 of last year.

     

 

     


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