India's Record Current Account Surplus: A Significant Economic Turnaround
India experienced a current account surplus of USD 5.7 billion in the March quarter, contrasted with a deficit of USD 1.3 billion a year ago. Significant improvements were noted in private transfer receipts and foreign portfolio investments, while net FDI saw a downturn.
![India's Record Current Account Surplus: A Significant Economic Turnaround](https://devdiscourse.blob.core.windows.net/aiimagegallery/24_06_2024_12_51_00_4993617.png)
- Country:
- India
India achieved a noteworthy milestone by recording a current account surplus of USD 5.7 billion, accounting for 0.6% of its GDP in the March quarter, as announced by the Reserve Bank of India (RBI) on Monday.
This performance marks a significant recovery from a deficit of USD 1.3 billion, or 0.2% of GDP, in the same period last year. The previous quarter ending December 2023 also saw a larger deficit of USD 8.7 billion.
For the fiscal year 2024 (FY24), the current account deficit narrowed to USD 23.2 billion (0.7% of GDP), significantly down from USD 67 billion (2% of GDP) in the prior fiscal year. The improvement was driven by higher net services receipts and strong remittances by Indians employed overseas.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
TMC Accuses Centre of Blocking Foreign Investment
Illegal foreign remittances case: ED arrests aide of international Hawala syndicate active in Delhi
Supreme Court Upholds Tax on Foreign Investments: Impact on Wealth Tax Proposals
India records current account surplus of USD 5.7 billion or 0.6 per cent of GDP in March quarter, says RBI.