This marks a notable turnaround from the USD 8.7 billion deficit (1.0 percent of GDP) reported in the third quarter and a substantial improvement compared to the USD 1.3 billion deficit (0.2 percent of GDP) in the same quarter of the previous fiscal year.
The improvement in the current account balance can be attributed to several factors, including a narrowing merchandise trade deficit, an increased services trade surplus, and a rise in remittances. Financial flows also showed considerable improvement, both quarterly and yearly, resulting in a substantial foreign exchange reserve accretion of USD 30.8 billion during the fourth quarter, the highest in the past ten quarters. As of June 14, India's forex reserves reached USD 652.9 billion.
In the fourth quarter, India's current account surplus rose to 0.6 percent of GDP, recovering significantly from the 1.0 percent deficit recorded in the third quarter. The trade deficit narrowed to 0.9 percent of GDP from 2.7 percent in the previous quarter. This was mainly driven by a reduction in the merchandise trade deficit, which decreased to 5.4 percent of GDP from 7.7 percent, despite a slight moderation in the services trade surplus to 4.5 percent from 5.0 percent.
This story is from the June 27, 2024 edition of The Business Guardian.
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This story is from the June 27, 2024 edition of The Business Guardian.
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