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CAD eases marginally to 2.4% of GDP in Q1 FY 2019: RBI

Saturday, September 08, 2018

India's current account deficit (CAD) as a percentage of GDP declined marginally to 2.4% in the April-June quarter of 2018-19 against 2.5% in the year-ago period, the RBI data released yesterday showed.

In value terms, the CAD was higher at USD 15.8 billion in April-June this year as against USD 15 billion in the same quarter of 2017-18 mainly due to a higher trade deficit.

"India's current account deficit (CAD) stood at USD 15.8 billion (2.4% of GDP) in Q1 of 2018-19 as compared with USD 15 billion (2.5% of GDP) in Q1 of 2017-18," the RBI said on Developments in India's Balance of Payments (BoP).

The Indian currency is declining against the US dollar due to global factors as well as concerns on higher trade deficit on account of sustained high crude oil prices.

According to the data, net services receipts increased by 2.1% year-on-year mainly on the back of a rise in net earnings from software and financial services. "Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to USD 18.8 billion, increasing by 16.9% from their level a year ago," the central bank said.

The data on BoP also revealed that net foreign direct investment at USD 9.7 billion in the first quarter of 2018-19 was higher than USD 7.1 billion in the year-ago period.

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