India's CAD at $23.2 bn softens to 0.7 % of GDP in FY24
The Business Guardian|June 25, 2024
India India's current account L(CAD) moderated to a seven-year low of USD 23.2 billion in FY2024, easing to 0.7 per cent as a proportion of GDP, from USD 67 billion which was 2.0 per cent of GDP in FY2023.
NIVEDITA MUKHERJEE

The CAD more-than-halved, aided by, "a lower merchandise trade deficit according to the Reserve Bank of India on Monday, and a robust expansion in the services trade surplus.

Key features of India's BoP data in Q4 2023-24 released by the RBI shows that India's current account balance recorded a surplus of USD 5.7 billion (0.6 per cent of GDP) in Q4 FY 2023-24 as against a deficit of USD 8.7 billion (1.0 per cent of GDP) in Q3 FY 2023-24 and USD 1.3 billion (0.2 per cent of GDP) a year ago in Q4 FY 2022-23. The merchandise trade deficit at USD 50.9 billion in Q4 202324 was lower than USD 52.6 billion a year ago.

Economists saw the turnaround of India's current account into a welcome surplus in Q4 FY2024 as being primarily driven by a narrowing in the merchandise trade deficit that printed to a 10-quarter low of USD 50.9 billion in Q4 FY2024 from USD 69.9 billion in Q3 FY2024. "The reversal exceeded ICRA's more modest expectations," says Aditi Nayar, Chief Economist, at ICRA.

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