Diabytes
Current Account Deficit News
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The report highlighted that sluggish FPI inflows in recent months, coupled with a stronger US dollar, are likely to exert pressure on the Indian rupee. Bank of Baroda expects the rupee to trade in a range of 84-85.5/USD in the near term.
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India, with an expected 15.2 per cent share in world remittances in 2024, continues to be the largest recipient of remittances globally.
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The merchandise trade deficit at USD 71.6 billion was marginally higher than USD 71.3 billion during the third quarter of 2022-23.
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India's CAD widens in July-September: RBI report.
The reason attributes to high commodity prices and weak rupee.
It reaches 9-year high.
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Silver imports during the last fiscal, however, dipped by 71 percent to about USD 791 million. Imports of the yellow metal stood at USD 28.23 billion (about Rs 2 lakh crore) in 2019-20, the data showed.
Despite growth in gold imports, the country's trade deficit narrowed to USD 98.56 billion during 2020-21 as against USD 161.3 billion in 2019-20.
The demand for gold would further increase on account of the forthcoming auspicious Akshaya Tritiya and marriage season which could increase the CAD.
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Imports of the precious metal stood at USD 16.96 billion in April-September 2017-18 financial year, according to the commerce ministry data.
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The increased duties would be effective from October 12, the Central Board of Excise and Customs (CBIC) said.
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The effort is a part of the exercise by the government to check fall in rupee value and control current account deficit (CAD).
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It had closed at a one-week high of 71.84 on Friday.
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When 'international developments' were favourable, the NDA government took credit for something it didn't do. Now that situation is unfavourable, it doesn't want to take the blame.
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Jaitley argued that the UPA government had little to nothing to do with why India saw economic growth during its tenure.
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The CAD had increased to $13.5 billion, or 2 percent of the gross domestic product in the third quarter as well.
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According to RBI data, the current account deficit rose to 2% of the GDP at $13.5 billion in the December quarter.
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Current Account Deficit rose at 2.0% of GDP in Q3 FY 2018.
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However, CAD in the second quarter narrowed sharply from USD 15 billion (2.5 percent of GDP) in the preceding quarter, the RBI said today.
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In a statement, the chamber said India Inc is looking up to the government to take the 'out of ordinary' measures, citing "concerns over slowdown in growth due to the transient disruptions in the economy following GST implementation and the remaining over-hang of demonetisation".
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And this is not the first time someone is pointing to the imminent crisis — an economic slowdown is not Lord Voldermort’s name that can’t be uttered. It needs to be identified and dealt with.
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Nomura expects current account deficit likely at 1.5 per cent of GDP in 2017 but noted that funding will not be a constraint.
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India`s current account deficit (CAD) narrowed during last fiscal due to a contraction in the country`s trade deficit.
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India`s current account deficit is expected to increase by $10 billion to $30 billion in the 2017-18 fiscal due to higher oil and gold imports, credit rating agency ICRA said.
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