India's Current Account Deficit Declines to 1.2% of GDP in Q3 2023-24
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India's current account deficit (CAD) declined to $10.5 billion, representing 1.2% of GDP, in the October-December quarter (Q3) of 2023-24. This is a decrease from the CAD of $16.8 billion, or 2.0% of GDP, recorded in the same quarter of the previous fiscal year. The decline in CAD reflects a strengthening of the macroeconomic fundamentals of the Indian economy. Services exports grew by 5.2% on a year-on-year basis, and net services receipts increased both sequentially and from a year ago, helping to cushion the current account deficit. Private transfer receipts amounted to $31.4 billion, a 2.1% increase compared to the corresponding period a year ago. Foreign direct investment (FDI) recorded a net inflow of $4.2 billion, while foreign portfolio investment saw a net inflow of $12.0 billion...
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