India's current account deficit widened again to $9.2 billion in Q1

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Ahmedabad: India's current account deficit widened to $9.2 billion in the April-June first quarter of the financial year 2023-24, seven times more than in the previous quarter. According to the data released by the Reserve Bank of India on September 28, the current account deficit was 1.1 percent of GDP in April-June.

RBI said the CAD rose on a quarter-on-quarter basis mainly due to higher trade deficit, lower surplus in services and decline in private transfer receipts. The current account deficit stood at $1.3 billion or 0.2 percent of GDP in January-March 2023. It was $17.9 billion or 2.1 percent of GDP in April-June 2022.

India's services trade surplus increased to $35.1 billion in April-June 2023. Which is less than the surplus of $31.1 billion a year ago and $39.1 billion recorded in January-March 2023. Similarly, the merchandise trade deficit improved to $56.6 billion year-on-year. It was 63.1 billion dollars in April-June 2022. However, this figure is higher than the 52.6 billion dollars for January-March 2023.

The RBI said the drop in net services receipts was mainly due to decline in exports of computers, travel and business services.

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