India's current account deficit (CAD) declined to $23.2 billion (0.7 per cent of GDP) during 2023-24 from $67 billion (2 per cent of GDP) during the previous year due to a lower merchandise trade deficit, the RBI said on Monday.
The fall in the current account deficit (CAD) reflects a strengthening of the economic fundamentals as India closed the financial year on March 31, with an accretion of $63.7 billion to foreign exchange reserves.
Net invisibles receipt was higher during 2023-24 than a year ago, primarily on account of services and transfers.
Portfolio investment in the capital markets recorded a net inflow of $44.1 billion against an outflow of $5.2 billion a year ago.
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