Another good news on the economic front: India's current account deficit narrowed to less than 1%

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New delhi date. 19 February 2024, Monday

Another news of relief has come out on Bharti's economic front. The current account deficit of the country is expected to decrease. Improvements on the trade front, and particularly an increase in exports, are helping the country reduce its current account deficit. For this reason, economists estimate that India's current account deficit may remain below 1% of GDP in the current fiscal year.

Best data in 9 months

As per the data available so far, the country's trade deficit has declined during the current financial year. India's merchandise trade deficit stood at $17.5 billion in January. Which is the lowest in nine months. Before this, India's merchandise trade deficit was 19.8 billion dollars in the month of December. The service sector has made the most significant contribution in reducing it. The service sector surplus widened to $16.8 billion in January.

Thus the trade deficit has been reduced

During the current financial year, only the figures for February and March are yet to be released. That is, the figures for the first 10 months have already been clarified. From April 2023 to January 2024, the country's trade deficit stood at $206 billion. It stood at $229 billion in the first 10 months of the previous financial year. During this period, net exports of the services sector rose to $138 billion from $117 billion a year ago.

Relief is also being provided in the matter of foreign investment. Both foreign direct investment and foreign portfolio investment have increased in the current financial year. Although the outflow of FDI was seen in the September quarter, the inflow of FDI was good during the month of October and November during the December quarter. FPI is also positive overall. However, good data on higher foreign investment may help the rupee little as the central bank may use this opportunity to focus on strengthening foreign exchange reserves which stood at $617 billion as of February 9.

Due to this figure, all experts are predicting current account deficit to remain under control. India's current account deficit is expected to remain low this year, Goldman Sachs said in January. HDFC Bank estimates CAD to remain below 1% of GDP.

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