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Current Account Deficit Narrows to $11.2 billion in Q2 FY25
India's current account deficit was $11.2 billion or 1.2% of GDP in July-September, similar to the previous year. The merchandise trade deficit increased to $75.3 billion, while net services receipts rose to $44.5 billion. Private transfer receipts also grew, and the balance of payments showed a surplus of $18.6 billion.
The current account deficit (CAD), the difference between total imports and exports, reached $11.2 billion or 1.2% of GDP in July-September quarter of this year, compared with a revised deficit of $11.3 billion or 1.3% of GDP in the same quarter a year ago, the Reserve Bank of India (RBI) said in a release.
The deficit stood at a $9.7 billion or 1.1% of GDP in the preceding quarter. Earlier, India had logged a current account deficit of a $9.7 billion or 1.1% of GDP in April-June this year.
The central bank in the statement said that the merchandise trade deficit increased to $ 75.3 billion when compared to same period last year.
Additionally, net services receipts increased to $ 44.5 billion in this quarter as against same quarter last year. Net services receipts increased to $ 44.5 billion from $ 39.9 billion a year ago. "Services exports have risen on a yoy basis across major categories such as computer services, business services, travel services and transportation services," said RBI in its statement.
Moreover, non-resident deposits (NRI deposits) recorded net inflows of $ 6.2 billion, higher than $ 3.2 billion a year ago.
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