Current account deficit moderates to 1.2% of GDP in Q3FY2024 from 2.6% of GDP in Q3FY23

Indias current account deficit moderated to 1.2 per cent of GDP during April-December 2023 from 2.6 per cent of GDP in the corresponding period a year ago on the back of a lower merchandise trade deficit. Net invisibles receipts were higher during April-December 2023 than a year ago, primarily on account of services and transfers.Net FDI inflow at US$ 8.5 billion during April-December 2023 was lower than US$ 21.6 billion during April-December 2022. During April-December 2023, portfolio investment recorded a net inflow of US$ 32.7 billion as against an outflow of US$ 3.5 billion during the corresponding period a year ago. In April-December 2023, there was an accretion of US$ 32.9 billion to the foreign exchange reserves (on a BoP basis that excludes valuation effects).

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