The Reserve Bank of India (RBI) has released data showing that India’s current account deficit, an important measure of the balance of payments, has decreased to $18.2 billion, which is equivalent to 2.2% of the GDP, during the December quarter of the current fiscal year. This decrease can be attributed to the reduction in the merchandise trade deficit, which stood at $30.9 billion, or 3.7% of the GDP in the second quarter of the fiscal year 2022-23.
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As per the RBI, during the second quarter of the previous fiscal year, the Current Account Deficit (CAD) was $30.9 billion, which is equivalent to 3.7% of the GDP. However, in the December quarter of 2021-22, it decreased to $22.2 billion or 2.7% of the GDP.
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