India's current account deficit narrows in Q4 of FY23

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India's current account deficit narrows in Q4 of FY23

STORY: India's current account deficit narrows in Q4 of FY23 DATELINE: June 28, 2023 LENGTH: 00:01:33 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of RBI buildings 3. various of markets 4. various of wholesale market STORYLINE: India's current account deficit (CAD) witnessed a shrink in the January to March quarter, the Reserve Bank of India (RBI) said. The CAD narrowed to 1.3 billion U.S. dollars, equivalent to 0.2 percent of the Gross Domestic Product (GDP) in the fiscal year 2022-23, said the data. This positive trend was primarily driven by a moderation in the trade deficit, which decreased from 71.3 billion U.S. dollars in the previous quarter to 52.6 billion U.S. dollars. Additionally, there was a robust increase in services exports, further contributing to the improvement in the CAD figures. However, despite progress in the January to March quarter of the 2022-23 fiscal year, the current account balance stood at 2 percent deficit of GDP, compared to the 1.2

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