Indias current account gap narrowed sharply to USD 5.2 billion, or 1.2 percent of GDP, in the July-September quarter of 2013-14 on the back of turnaround in exports and decline in gold imports. The current account deficit (CAD), the difference between outflow and inflow of foreign exchange, was USD 21 billion, or 5 percent of the GDP, in the second quarter of last fiscal. Contraction in the trade deficit coupled with a rise in net invisibles receipts resulted in a reduction of the CAD to USD 26.9 billion (3.1 percent of GDP) in H1 of 2013-14 from USD 37.9 billion (4.5 percent of GDP) in H1 of 2012-13, RBI said in a statement.
Posted on: Mon, 02 Dec 2013 15:53:18 +0000
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