India Records Remarkable Current Account Surplus Amid Global Economic Challenges
India recorded a current account surplus of USD 5.7 billion in the March quarter. This is a significant improvement from the USD 1.3 billion deficit a year ago and the USD 8.7 billion deficit in the previous quarter. For FY24, the deficit narrowed to USD 23.2 billion.
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India has reported a current account surplus of USD 5.7 billion, equivalent to 0.6% of GDP, for the March quarter, according to a Reserve Bank of India release on Monday. This marks a considerable improvement over the same period last year, which recorded a deficit of USD 1.3 billion, or 0.2% of GDP. The previous quarter ending December 2023 had a deficit of USD 8.7 billion, amounting to 1% of GDP.
Overall, for the fiscal year FY24, India's current account deficit significantly narrowed to USD 23.2 billion, or 0.7% of GDP, as opposed to the USD 67 billion deficit, or 2% of GDP, seen in FY23. The Reserve Bank attributes these developments to improvements in the balance of payments, as detailed in their latest release.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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