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The current account deficit (CAD) for the June quarter in India was 1.1% of GDP, lower than expected, but economists anticipate a significant increase in the second half of the fiscal year due to rising crude oil prices and shrinking exports. Crude oil prices play a crucial role in determining the CAD, and with prices rising and supply-side cuts by OPEC, the CAD is expected to worsen.
India Business News: MUMBAI: India's current account deficit narrowed to $9.
India's current account deficit narrowed to $9.2 billion in the June quarter, compared to $17.9 billion in the same period last year, due to lower global crude and commodity prices. The deficit was 0.1% of GDP, down from 2.1% in the previous year, but higher than the $1.3 billion in the preceding quarter. The capital account comfortably financed the deficit, resulting in a balance of payments surplus. However, the deficit is expected to widen in the September quarter due to higher trade deficits and rising crude oil prices.
According to data released on September 28 by the Reserve Bank of India, India's Current Account Deficit surged to $9.2 billion in the first quarter of 2023-24
The current account deficit widened to $9.2 billion or 1.1% of GDP in the April-June quarter and is expected to widen further in the coming months