India's account deficit has been steadily declining for three months from January to March, largely due to the reduction in the trade gap and the outflow of cash under the previous salary cap, the Central Bank of India said on Wednesday.
The current account deficit stands at $ 13.4 billion or 1.5 percent of GDP for the fourth quarter of the 2021-22 financial year, compared to $ 22.2 billion or 2.6 percent of GDP in the previous quarter. October - December.
The deficit stood at $ 8.1 billion in the same quarter last year, the release indicated.
The current account deficit occurs when the amount of goods and services imported and other payments exceeds the value of the goods and services and other receipts by country over a period of time. The trade deficit has grown to $ 189.5 billion in 2021-22 from $ 102.2 billion last year, leading to a decline in what is considered a significant representation of foreign power, the RBI said.
Payment balance data has suggested that sales of goods at $ 618.6 billion in 2021-22 compared to $ 398.5 billion in the past, which has led to an increase in trade shortages.
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