India to post current account surplus this fiscal, first since FY04: Report

For the first time since FY04, the economy is set to close the current fiscal with a current account surplus of 0.4 per cent of GDP, boosted by falling imports and crude prices, and not driven by better exports, according to a report.

After many quarters, the economy logged in a marginal current account surplus in June quarter at 0.1 per cent or $600 million as against a deficit of $4.6 billion or 0.7 per cent of GDP in FY19, according to the latest Reserve Bank data.

For fiscal 2020, CAD improved to 0.9 per cent of GDP from 2.1