Mumbai: India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank said on Monday.
In the year-ago period, the current account deficit (CAD) stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or one per cent of GDP in the preceding quarter ending December 2023. For FY24, the current account deficit narrowed to $23.2 billion or 0.7 per cent of GDP against $67 billion or 2 per cent of GDP in FY23, the RBI said in a release on the Developments in India’s Balance of Payments.
The fall in the current account deficit (CAD) reflects a strengthening of the economic fundamentals as India closed the financial year on March 31, with an accretion of $63.7 billion to foreign exchange reserves.