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Current account deficit widens to 2.8% of GDP in Q1; trade deficit jumps

Services exports, remittances show momentum in Q1

Rupee, Indian Rupee, Indian currency
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The CAD figures for the first quarter of the current year lower than those estimated by analysts, who had predicted the current account deficit at around 3 per cent of GDP

Bhaskar Dutta Mumbai
India’s current account deficit (CAD) in April-June was at $23.9 billion, or 2.8 per cent of gross domestic product (GDP), much higher than the $13.4 billion, or 1.5 per cent of GDP, in January-March 2022, the Reserve Bank of India (RBI) said on Thursday.

India had recorded a current account surplus of $6.6 billion, or 0.9 per cent of GDP, in April-June 2021. The CAD for FY22 was 1.2 per cent of GDP, or $38.7 billion. For the first quarter of the current year, it is lower than analysts’ prediction of around 3 per cent of GDP.

“Underlying the current account deficit